Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows (Unaudited)

v3.3.0.814
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows From Operating Activities:    
Net income (loss) for the period $ (6,517,162) $ 3,721,533
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 108,235 $ 54,129
Fair value of vesting warrants $ 16,564
Non-cash interest on notes payable, related parties $ 439,918
Common stock issued for employee compensation $ 879,183
Common stock issued for professional fees 1,280,550
Vesting of shares of common stock issued for services 47,850
Unrealized (gain) loss on trading securities (1,314,931) $ 483,926
(Gain) loss on sale of marketable securities $ (971,257) 5,819,432
Deferred income tax expense 594,000
Increase in accounts receivables $ 49,391 (1,053)
Decrease (increase) in inventory (3,414) 3,000
(Increase) decrease in prepaid expense and other current assets 653 $ 33,342
Increase in other assets $ 7,299
Increase in federal income taxes payable $ 1,072,000
Increase in accounts payable and accrued liabilities $ 84,702 $ 22,867
Decrease in related party accounts payable (262,394)
Net Cash Used in Operating Activities $ (2,130,213) $ (434,200)
Cash Flows From Investing Activities:    
Purchases of trading securities 1,402,032
Purchases of available-for-sale securities 500,000
Prepayment on purchase of available-for-sale securities 46,250
Proceeds from sale of trading securities $ 2,576,667 $ 8,176,418
Purchase of property and equipment 163,995
Purchase of domain name 20,202 $ 5,000
Net Cash Provided by Investing Activities $ 2,392,470 $ 6,223,136
Cash Flows From Financing Activities:    
Net Cash Provided by Financing Activities
Increase in cash and cash equivalents $ 262,257 $ 5,788,936
Cash and cash equivalents at beginning of period 6,994,180 1,628,529
Cash and cash equivalents at end of period $ 7,256,437 $ 7,417,465
Supplemental Disclosure of Interest and Income Taxes Paid:    
Interest paid during the period
Income taxes paid during the period
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Unrealized gain on available-for-sale securities $ 2,813,210
Issuance of common stock valued at 1,700,000 for acquisition of Franklin allocated to:    
Fair value of identified intangible assets $ 671,131
Goodwill acquired 1,146,610
Deferred Tax liability $ 117,741