General form of registration statement for all companies including face-amount certificate companies

Consolidated Statements of Cash Flows

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES        
Net Loss $ (1,096,798) $ (232,442) $ (1,856,315) $ (1,917,066)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation 2,112 1,865 1,381
Amortization of intangible asset 25,435    
Deferred income tax (benefit) expense (281,534) (166,787)
Amortization of debt issuance costs 36,140 23,370
Impairment of software costs     15,330
Net changes in operating assets and liabilities:        
Prepaid expenses 1,257 18,147 (23,299) (16,278)
Vendor deposit 227,657 227,657 (227,657)
Security deposit     (5,535)
Accrued interest 51,600 35,693
Accounts payable 54,194 4,397 9,995 3,707
Due from related parties 36,025 (95) (62,368) (69,379)
Accrued rent liability 6,642 13,284
Accrued liabilities 102,561 (83,004) (39,829) 75,790
Net cash used in operating activities (1,069,008) (58,698) (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 (882) (20,622) (23,775)
Cash received in a reverse acquisition transaction     6,280
Acquisition of intangible asset (1,782)    
Net cash used in investing activities (1,782) (882) 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 DECREASE IN CASH AND CASH EQUIVALENTS (1,070,790) (59,580) 1,775,535 1,071,894
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 2,847,429 1,071,894 1,071,894
CASH AND CASH EQUIVALENTS - END OF PERIOD 1,776,639 1,012,314 $ 2,847,429 $ 1,071,894
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