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 ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ (2,315,000) $ 25,949,000
Adjustments to reconcile net 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 873,000 3,124,000
Amortization of debt discounts 814,000 807,000
Non-cash interest expense 2,197,000 473,000
Change in value of warrant and derivative liabilities (2,743,000) (31,496,000)
Changes in operating assets and liabilities:    
Other assets 0 0
Accounts payable and accrued expenses 523,000 976,000
Net cash used in operating activities (650,000) (167,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from notes payable 866,000 150,000
Repayment of note payable 0 0
Net cash provided by financing activities 866,000 150,000
Minority Interest 0 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 216,000 (17,000)
CASH AND CASH EQUIVALENTS - Beginning of period 19,000 47,000
CASH AND CASH EQUIVALENTS - End of period 235,000 30,000
Supplemental Disclosures:    
Interest paid 0 0
Income taxes paid 0 0
Supplemental non-cash activities    
Issuance of common stock upon conversion of convertible notes 1,864,000 0
Issuance of common stock upon conversion of accrued interest $ 442,000 $ 20,000