Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (598,863) $ (1,416,035)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 2,833 1,111
Amortization of intangible assets 1,392,326 475,680
Amortization of prepaid expense in connection with the issuance of common stock issued for prepaid services 351,878 11,250
Stock based compensation on warrants 20,788 72,064
Stock based compensation 862,317 405,957
Common stock issued for services    564,250
Non-cash revenue    (1,000,000)
Changes in operating assets and liabilities    
Accounts receivable (252,050) 250,000
Assets of discontinued operations - current portion    82,145
Prepaid expenses and other current assets (218,037) 24,414
Accounts payable and accrued expenses 334,294 335,718
Net cash provided by (used in) operating activities 2,399,586 (693,446)
Cash flows from investing activities:    
Purchases of patents (5,100,800) (350,000)
Purchase of property and equipment    (10,000)
Proceeds received from the sale of real estate property (discontinued operations)    1,052,320
Acquisition of Cyberfone Systems, LLC (cash portion)    (500,000)
Capitalized cost related to improvements of real estate property (discontinued operations)    (16,750)
Net cash (used in) provided by investing activities (5,100,800) 175,570
Cash flows from financing activities:    
Payment on note payable in connection with the acquisition of IP Liquidity (937,500)   
Cash received upon exercise of warrant 138,222   
Payment on note payable in connection with the acquisition of Cyberfone Systems, LLC    (500,000)
Proceeds received from sale of Preferred Stock / common stock, net of issuance costs 6,388,266 5,055,000
Net cash provided by financing activities 5,588,988 5,055,000
Net increase in cash 2,887,774 4,537,124
Cash at beginning of period 3,610,261 2,354,169
Cash at end of period 6,498,035 6,891,293
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for: Interest 20 459
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued in connection with the acquisition of Cyberfone Systems, LLC    2,280,000
Series B Preferred stock issued in connection with the acquisition of Dynamic Advances, LLC 1,403,690   
Series B preferred stock issued in connection with the acquisition of IP Liquidity Ventures, LLC 1,403,690   
Common stock issued in connection with the acquisition of Selene Communication Technologies, LLC 980,000   
Value of warrants pertaining to equity issuance 11,595   
Notes payable issued in connection with the acquisition of Dynamic Advances LLC, IP Liquidity Ventures, LLC, and Selene Communication Technologies, LLC 6,000,000   
Common stock issued for prepaid services    441,256
Acquisition of patents in connection with a non-cash settlement    $ 1,000,000