Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities    
Net loss $ (1,355,747) $ (3,434,567)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and Amortization 88,407 114,652
Fair value of shares issued for services 100,000 759,560
Fair value of stock-based compensation 443,846 433,699
Fair value of warrants issued with convertible note payable 30,054
Change in fair value of derivative liabilities (627,360) (1,208,657)
Cancellation of common stock to be issued (50,000)
Prepaid expense 35,157 90,116
Accounts payable and accrued liabilities 478,113 799,297
Net cash used in operating activities (807,530) (2,495,900)
Cash Flows from Financing Activities    
Repayment of convertible notes (10,000)
Proceeds from issuance of common stock 500,000 1,032,000
Proceeds from issuance of convertible note payable 50,000
Proceeds from the exercise of warrants 69,563
Net cash provided by financing activities 619,563 1,022,000
Net decrease in cash (187,967) (1,473,900)
Cash, beginning of period 193,014 1,666,914
Cash, end of period 5,047 193,014
Non-cash Investing and financing activities:    
Extinguishment of derivative liability recorded as capital contribution $ 302,754