Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.3.0.814
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (7,575,033) $ (6,328,199)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation expense 0 128
Amortization of debt discounts 2,115,956 0
Write-off of other current assets 0 450
Write-off of loan commitment fees 0 157,500
Loan default and standstill expense 273,264 0
Stock-based compensation 639,866 1,909,590
Options expense 19,494 356,209
Loss on extinguishment of debt 0 9,578
Loss/(Gain) on change in fair value of derivative liability 1,444,188 (30,213)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 0 62,079
Accounts payable 228,531 336,417
Accrued expenses 1,701,751 1,174,298
Net Cash Used in Operating Activities (1,151,983) (2,352,163)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for construction in progress (12,471) (2,626,556)
Net Cash Used in Investing Activities (12,471) (2,626,556)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the sale of stock 0 842,500
Cash paid for loan commitment fees 0 (157,500)
Borrowings on debt 15,527 492,688
Payments on debt (35,530) (59,500)
Borrowings on convertible debt, net of face discounts and lender fees 1,249,500 1,300,782
Payments on related party convertible debt (79,250) 0
Borrowings on related party debt 29,017 50,731
Payments on related party debt (49,322) (30,427)
Net Cash Provided by Financing Activities 1,129,942 2,439,274
NET CHANGE IN CASH AND CASH EQUIVALENTS (34,512) (2,539,445)
CASH AND CASH EQUIVALENTS - beginning of period 35,642 2,575,087
CASH AND CASH EQUIVALENTS - end of period 1,130 35,642
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 0 0
Cash paid for income taxes 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Noncash Activity, Derivative Liabilities 6,026 78,789
Return of shares 22 $ 0
Forgiveness of accounts payable to related party 262,652
Resolution of derivative liabilities 1,685,616 $ 40,641
Capitalized interest 0 301,453
Construction in progress fees accrued 0 272,464
Warrants issued with debt 0 21,181
Stock Issued with Debt [Member]    
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Noncash Activity, Stock Issued 8,319 182,192
Accrued Interest Converted to Debt [Member]    
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Noncash Activity, Stock Issued 0 5,780
Stock Issued for Debt and Accrued Interest [Member]    
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Noncash Activity, Stock Issued 1,498,045 40,000
Stock Issued for Accounts Payable [Member]    
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Noncash Activity, Stock Issued 1,539,826 0
Debt [Member]    
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Noncash Activity, Debt Discounts 1,245,816 347,346
Derivative Liability, Tainted Options [Member]    
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Noncash Activity, Derivative Liabilities 0 78,789
Warrant [Member]    
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Noncash Activity, Debt Discounts 400,000 0
Noncash Activity, Derivative Liabilities $ 6,026 $ 0