Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 9,768,000 $ (21,461,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 1,000 2,000
Stock compensation expense for options and warrants issued to employees and non-employees 6,591,000 3,761,000
Note Allonges 65,000 3,667,000
Amortization of debt discounts 2,897,000 2,494,000
Non-cash interest expense 1,632,000 9,840,000
Change in value of warrant and derivative liabilities (25,697,000) (3,865,000)
Changes in operating assets and liabilities:    
Other assets 0 25,000
Accounts payable and accrued expenses 2,813,000 880,000
Net cash used in operating activities (1,930,000) (4,657,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of fixed assets 0 (1,000)
Net cash used by investing activities 0 (1,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from notes payable 1,902,000 3,850,000
Repayment of note payable 0 0
Net cash provided by financing activities 1,902,000 3,850,000
Minority Interest 0 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (28,000) (808,000)
CASH AND CASH EQUIVALENTS - Beginning of period 47,000 855,000
CASH AND CASH EQUIVALENTS - End of period 19,000 47,000
Supplemental disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Issuance of common stock for convertible debt 1,944,000 0
Issuance of common stock for interest expense $ 528,000 $ 247,000