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 ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income/(loss) $ 4,652,000 $ (4,853,000)
Adjustments to reconcile net income (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 1,820,000 0
Non-cash interest expense 7,717,000 1,650,000
Amortization of debt discounts 1,732,000 1,635,000
Change in value of warrant and derivative liabilities (20,683,000) 468,000
Changes in operating assets and liabilities:    
Accounts receivable 0 0
Other assets 25,000 56,000
Accounts payable and accrued expenses 1,023,000 331,000
Net cash used in operating activities (3,713,000) (711,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of note payable 0 0
Proceeds of notes payable 2,900,000 1,329,000
Net cash provided by financing activities 2,900,000 1,329,000
Minority Interest 0 3,000
NET DECREASE IN CASH AND CASH EQUIVALENTS (813,000) 621,000
CASH AND CASH EQUIVALENTS - Beginning of period 855,000 43,000
CASH AND CASH EQUIVALENTS - End of period 42,000 664,000
Supplemental Disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Supplemental non-cash activities    
Issuance of common stock for interest expense $ 247,000 $ 0