Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (1,856,315) $ (1,917,066)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,865 1,381
Amortization of debt issuance costs 23,370
Impairment of software costs 15,330
Net changes in operating assets and liabilities:    
Prepaid expenses (23,299) (16,278)
Vendor deposit 227,657 (227,657)
Security deposit (5,535)
Accrued interest 35,693
Accounts payable 9,995 3,707
Due to related parties (62,368) (69,379)
Accrued rent liability 13,284
Accrued liabilities (39,829) 75,790
Net cash used in operating activities (1,654,617) (2,155,037)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from (purchase of) certificates of deposit 1,019,294 (1,019,294)
Purchase of property and equipment (20,622) (23,775)
Cash received in a reverse acquisition transaction 6,280
Net cash provided by (used in) investing activities 1,004,952 (1,043,069)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock 4,270,000
Proceeds from issuance of senior convertible notes 2,580,000
Payment of debt issuance costs (154,800)
Net cash provided by financing activities 2,425,200 4,270,000
NET INCREASE IN CASH 1,775,535 1,071,894
CASH AND CASH EQUIVALENTS - BEG. OF YEAR 1,071,894
CASH AND CASH EQUIVALENTS - END OF YEAR $ 2,847,429 $ 1,071,894