Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

v3.3.1.900
STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
CASH FLOW FROM OPERATING ACTIVITES:    
Net Loss for the Period $ (7,651,985) $ (1,724,277)
Adjustments to reconcile net loss to net cash used by operating activities:    
Stock based compensation 21,082 407,852
Depreciation 38,431 41,786
Consulting paid with options 119,707 $ 59,854
License fees paid with warrants 6,501,715
(Gain) / loss on extinguishment of debt (62,859) $ (5,801)
Loss on conversion of debt 226,811 $ 424,119
Loss on disposal of fixed assets $ 17,034
Interest expense on shareholder loan $ 1,629
Amortization of debt discount $ 50,029
Change in fair value of derivative liability 3,042
Changes in Operating Assets and Liabilities:    
Accounts receivable (165,127) $ (7,016)
Prepaids & other assets 11,521 1,797
Inventory (359,053) (119,163)
Accounts payable 423,246 22,620
Accrued expenses 206,314 343,679
Net Cash (Used) in Operating Activities $ (620,092) (547,121)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (59,954)
Net Cash Used by Investing Activities (59,954)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of stock 88,000
Officer advances $ 20,953 10,400
Repayment of officer advance (21,800) (38,800)
Proceeds from notes payable 776,199 587,147
Payments on notes payable (114,971) (47,874)
Net Cash Provided by Financing Activities 660,381 598,873
Net Increase (decrease) in Cash 40,289 (8,202)
Cash at Beginning of Period 196 8,398
Cash at End of Period $ 40,485 $ 196
Cash paid during the year for:    
Interest
Franchise and income taxes
Supplemental disclosure of non-cash activities:    
Forgiveness of related party debt $ 189,320
Stock issued for conversion of debt $ 298,000 $ 1,153,650