Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash Flows From Operating Activities:    
Net (loss) income $ (2,064,211) $ 6,490
Adjustments to reconcile net loss to net cash used in operations    
Imputed interest 5,581
Amortization of prepaid license fee 174,582
Amortization of intangible asset 25,000
Amortization of transaction fees 2,718
Amortization of prepaid expense in connection with the issuance of common stock issued for prepaid services 130,656
Change in fair value of derivative liabilities 63,454
Depreciation expense 94,412 $ 20,602
Stock-based compensation 1,072,500
Changes in operating assets and liabilities:    
Accounts receivable 853 $ (52,947)
Inventory (27,577) $ (51,085)
Prepaid expenses (56,534)
Unbilled revenue (40,150) $ (10,732)
Other current assets (6,358) (16,305)
Accounts payable and accrued expenses 16,359 115,785
Deferred revenue (12,230) 10,053
Net Cash (Used In) Provided by Operating Activities (620,944) $ 21,863
Cash Flows From Investing Activities:    
Cash acquired from acquisition 30,934
Purchase of property and equipment (90,847) $ (31,635)
Purchase of Appliques (125,000)
Cash paid per Share Exchange Agreement (375,000)
Net Cash Used In Investing Activities (559,913) $ (31,635)
Cash Flows From Financing Activities:    
Proceeds from issuance of common and preferred stock $ 1,647,501
Repayments of note payable $ (4,298)
Repayments (to) from related party, net $ (107,793) $ 4,267
Net proceeds from convertible notes payable 550,000
Net Cash Provided by (Used in) Financing Activities 2,089,708 $ (31)
Effect of exchange rate on cash (11,414) (2,717)
Net increase (decrease) in Cash 897,437 (34,383)
Cash at Beginning of Year 65,892 78,412
Cash at End of Year $ 963,329 $ 65,892
Supplemental disclosure of cash flow information:    
Cash paid for interest
Cash paid for taxes $ 6,425
Non Cash Finance and Investing Activity    
Notes payable issued per Share Exchange Agreement $ 122,536
Issuance of common stock for intellectual property 50,000
Issuance of common stock for prepaid services 456,000
Issuance of common stock for settlement of debt $ 175,000