Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (1,096,798) $ (232,442)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 2,112
Amortization of intangible asset 25,435
Deferred income tax (benefit) expense (281,534)
Amortization of debt issuance costs 36,140
Net changes in operating assets and liabilities:    
Prepaid expenses 1,257 18,147
Vendor deposit 227,657
Accrued interest 51,600
Accounts payable 54,194 4,397
Due from related parties 36,025 (95)
Accrued rent liability 6,642
Accrued liabilities 102,561 (83,004)
Net cash used in operating activities (1,069,008) (58,698)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (882)
Acquisition of intangible asset (1,782)
Net cash used in investing activities (1,782) (882)
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,070,790) (59,580)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 2,847,429 1,071,894
CASH AND CASH EQUIVALENTS - END OF PERIOD 1,776,639 1,012,314
NON-CASH FINANCING AND INVESTING ACTIVITIES    
Recognize exclusive license intangible asset acquired from CoNCERT (11,037,147)
Recognize deferred tax liability for basis difference for intangible asset 3,037,147
Recognize additional paid-in capital for consideration paid from the transfer of 2,090,301 common shares of Processa owned by Promet to CoNCERT 8,000,000
Cash paid for intangible asset acquired from CoNCERT