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 $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (10,004,114) $ (5,042,716)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 59,108 34,347
Share-based compensation 678,508 336,275
Loss on disposal of subsidiaries 1,069,675  
Changes in operating assets and liabilities:    
Accounts receivable, prepayments and other receivables (160,983) (12,004)
Accounts payable and accrued expenses (1,186,034) 643,149
Net cash used in operating activities (9,543,840) (4,040,949)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (46,009) (14,804)
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 (470,522) (14,804)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 10,000,000  
Proceeds from exercise of stock options 101,933  
Payments on loan from related party (286,124)  
Net cash provided by financing activities 9,815,809  
Effect of exchange rate change on cash and cash equivalents 193,707 (153,255)
Net decrease in cash and cash equivalents, excluding restricted cash (4,846) (4,209,008)
Cash and cash equivalents at beginning of period 4,839,486 11,136,870
Cash and cash equivalents at end of period 4,834,640 6,927,862
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)