Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows (USD $)
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,063,031) $ (1,375,608)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 15,989 15,657
Share-based compensation 388,925 105,085
Loss on disposal of subsidiaries 1,069,675  
Foreign currency translation (6,114) 41,966
Changes in operating assets and liabilities:    
Accounts receivable, prepayments and other receivables (258,576) 125,185
Accounts payable and accrued expenses (840,825) 145,434
Net cash used in operating activities (3,693,957) (942,281)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (16,992) (4,090)
Sales of property and equipment 5,503  
Cash acquired from Acquisition 43,502  
Cash transferred in connection with Hive Out Agreement (43,502)  
Fee paid in connection with Hive Out Agreement (430,000)  
Net cash used in investing activities (441,489) (4,090)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 10,000,000  
Proceeds from exercise of stock options 101,933  
Net cash provided by financing activities 10,101,933  
Effect of exchange rate change on cash and cash equivalents 51,851 (655,368)
Net increase (decrease) in cash and cash equivalents, excluding restricted cash 6,018,338 (1,601,739)
Cash and cash equivalents at beginning of period 4,839,486 11,136,870
Cash and cash equivalents at end of period 10,857,824 9,535,131
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Equity consideration transferred in the Acquisition 3,750,000  
Repurchase and cancellation of common stock in the Hive Out Agreement $ (3,110,325)