Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

v2.4.0.8
Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,689,060) $ (8,372,719)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation expense 128 152
Amortization of debt discounts 98,887 2,324,720
Amortization of deferred financing costs 0 120,000
Shares issued for services 737,955 2,748,471
Option Expense 798,923 744,767
Derivative liabilities recorded as compensation expense 0 566,275
Loss (gain) on extinguishment of debt 9,578 (130,639)
Gain on change in fair value of derivative liabilities 0 (218,487)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 62,079 (14,610)
Accounts payable 239,003 144,476
Accounts payable - related party 135,527 266,942
Accrued expenses 130,023 46,091
Net Cash Used in Operating Activities (1,476,957) (1,774,561)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for construction in progress (2,349,500) 0
Net Cash Used in Investing Activities (2,349,500) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the sale of common stock 842,500 0
Cash paid for loan commitment fees (157,500) 0
Borrowings on debt 0 808,000
Borrowings on convertible debt 150,000 2,252,641
Borrowings on related party debt 476,405 0
Payments on debt 0 (700,303)
Payments on convertible debt 0 (25,000)
Payments on related party debt (14,500) (522,732)
Net Cash Provided by Financing Activities 1,296,905 1,812,606
NET CHANGE IN CASH AND CASH EQUIVALENTS (2,529,552) 38,045
CASH AND CASH EQUIVALENTS - beginning of period 2,575,087 8,342
CASH AND CASH EQUIVALENTS - end of period 45,535 46,387
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 0 36,808
Cash paid for income taxes 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Derivative liabilities recorded in additional paid-in capital 0 156,032
Derivative liabilities recorded as debt discounts 0 187,880
Common stock issued with debt 182,192 81,921
Deferred financing costs accrued 12,000 120,000
Accrued interest converted to debt 5,780 104,758
Payables converted to debt 0 90,000
Related party payables and advances converted to debt 0 15,000
Common stock issued for debt, liabilities and accrued interest 0 2,722,428
Common stock issued for related party debt, liabilities and accrued interest 0 410,400
Common stock issued in resolution of derivative liabilities 0 691,700
Debt discounts due to beneficial conversion features $ 0 $ 2,000,000