Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income/(loss) $ 6,344,000 $ (633,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,000 0
Amortization of intangible assets 0 2,000
Stock compensation expense for options and warrants issued to employees and non-employees 231,000 0
Non-cash interest expense 6,880,000 19,000
Amortization of debt discounts 1,043,000 188,000
Change in value of warrant and derivative liabilities (17,874,000) 61,000
Changes in operating assets and liabilities:    
Accounts receivable 0 35,000
Other assets 25,000 16,000
Accounts payable and accrued expenses 270,000 179,000
Net cash used in operating activities (3,080,000) (133,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of note payable 0 0
Proceeds of notes payable 2,350,000 89,000
Net cash provided by financing activities 2,350,000 89,000
Minority Interest 0 2,000
NET DECREASE IN CASH AND CASH EQUIVALENTS (730,000) (42,000)
CASH AND CASH EQUIVALENTS - Beginning of period 855,000 43,000
CASH AND CASH EQUIVALENTS - End of period 125,000 1,000
Supplemental Disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Supplemental non-cash activities    
Issuance of common stock to interest expense $ 247,000 $ 0