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, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income/(loss) $ 14,684,000 $ (20,516,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 0 1,000
Stock compensation expense for options and warrants issued to employees and non-employees 3,124,000 163,000
Amortization of debt discounts 807,000 399,000
Non-cash interest expense 473,000 6,881,000
Change in value of warrant and derivative liabilities (20,231,000) 11,266,000
Changes in operating assets and liabilities:    
Other assets 0 25,000
Accounts payable and accrued expenses 976,000 (6,000)
Net cash used in operating activities (167,000) (1,787,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from notes payable 150,000 2,350,000
Repayment of note payable 0 0
Net cash provided by financing activities 150,000 2,350,000
Minority Interest 0 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (17,000) 563,000
CASH AND CASH EQUIVALENTS - Beginning of period 47,000 855,000
CASH AND CASH EQUIVALENTS - End of period 30,000 1,418,000
Supplemental Disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Supplemental non-cash activities    
Issuance of common stock for interest expense $ 20,000 $ 116,000