Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,556,387) $ (6,821,899)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 38,828 34,744
Share-based compensation 237,198 432,250
Loss on disposal of subsidiaries 0 1,069,675
Fee paid on disposal of subsidiaries 0 (430,000)
Foreign currency translation 344,676 145,664
Other non-cash transactions (129,328) 0
Changes in operating assets and liabilities:    
Receivables, prepayments and other assets 148,580 (287,605)
Accounts payable, accrued expenses and other liabilities 686,597 (1,478,442)
Net cash used in operating activities (2,229,836) (7,335,613)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (1,663) (39,584)
Disposition of property and equipment 6,245 5,487
Cash acquired from the acquisition 0 43,502
Cash transferred in connection with Hive Out Agreement 0 (43,502)
Net cash provided by (used in) investing activities 4,583 (34,097)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of promissory note 100,000 0
Proceeds from issuance of common stock 0 10,000,000
Proceeds from exercise of stock options 0 101,933
Net cash provided by financing activities 100,000 10,101,933
Effect of exchange rate change on cash and cash equivalents (80,668) 42,386
Net decrease in cash and cash equivalents, excluding restricted cash (2,205,921) 2,774,609
Cash and cash equivalents at beginning of period 2,507,401 4,839,486
Cash and cash equivalents at end of period 301,480 7,614,095
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Equity consideration transferred in the acquisition 0 3,750,000
Repurchase and cancellation of common stock in disposal of subsidiaries $ 0 $ (3,750,000)