Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,821,899) $ (2,313,939)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 34,744 23,253
Share-based compensation 432,250 212,902
Loss on disposal of subsidiaries 1,069,675   
Changes in operating assets and liabilities:    
Accounts receivable, prepayments and other receivables (287,605) 40,152
Accounts payable and accrued expenses (1,478,442) 255,527
Net cash used in operating activities (7,051,277) (1,782,105)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (39,584) (9,829)
Disposition of property and equipment 5,487   
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 (464,097) (9,829)
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 188,050 (615,527)
Net increase (decrease) in cash and cash equivalents, excluding restricted cash 2,774,609 (2,407,461)
Cash and cash equivalents at beginning of period 4,839,486 11,136,870
Cash and cash equivalents at end of period 7,614,095 8,729,409
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)