Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss)/income $ (5,145,000) $ 27,492,000
Adjustments to reconcile net (loss)/income to net cash used in operating activities:    
Depreciation 1,000 0
Stock compensation expense for options and warrants issued to employees and non-employees 1,524,000 4,051,000
Amortization of debt discounts 1,376,000 972,000
Note allonge 100,000 0
Non-cash interest expense 2,197,000 1,504,000
Change in value of warrant and derivative liabilities (2,376,000) (36,759,000)
Changes in operating assets and liabilities:    
Other assets 0 0
Accounts payable and accrued expenses 1,282,000 1,508,000
Net cash used in operating activities (1,041,000) (1,232,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of fixed assets 0 0
Net cash used by investing activities 0 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from notes payable 1,061,000 1,540,000
Repayment of note payable 0 0
Net cash provided by financing activities 1,061,000 1,540,000
Minority Interest 0 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 20,000 308,000
CASH AND CASH EQUIVALENTS - Beginning of period 19,000 47,000
CASH AND CASH EQUIVALENTS - End of period 39,000 355,000
Supplemental Disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Supplemental non-cash activities    
Issuance of common stock upon conversion of convertible notes 2,025,000 1,429,000
Issuance of common stock upon conversion of accrued interest $ 486,000 $ 270,000