Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,880,086) $ (10,004,114)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 47,472 59,108
Amoritzation of debt discount 50,731 0
Non-cash interest expense 75,935 0
Share-based compensation 2,294,717 678,508
Change in fair value of derivative liability 1,344,542 0
Loss on issuance of hybrid debt instrument 59,612 0
Hybrid debt instrument issuance costs (30,932) 0
Loss on disposal of subsidiaries 0 1,069,675
Fee paid on disposal of subsidiaries 0 (430,000)
Foreign currency translation 346,386 (44,737)
Other non-cash transactions (129,743) 0
Changes in operating assets and liabilities:    
Other receivables, prepayments and other assets 50,459 (160,983)
Accounts payable, accrued expenses and other liabilities 585,681 (1,186,034)
Net cash used in operating activities (4,185,226) (10,018,577)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (1,663) (46,009)
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 4,582 (40,522)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of debt 3,100,000 0
Payments on debt (100,000) 0
Proceeds from issuance of common stock 0 10,000,000
Proceeds from exercise of stock options 0 101,933
Payments on loan from related party 0 (286,124)
Net cash provided by financing activities 3,000,000 9,815,809
Effect of exchange rate change on cash (80,667) 238,444
Net change in cash, excluding restricted cash (1,261,311) (4,846)
Cash at beginning of period 2,507,401 4,839,486
Cash at end of period 1,246,090 4,834,640
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for interest 592 0
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)