Cash Flow

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
OPERATING ACTIVITIES:    
Net loss $ (7,649,924) $ (7,113,695)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization expense of debt discount 1,409,790 2,822
Gain on derivative liability (1,831,635) (24)
Depreciation expense 26,350 25,132
Amortization expense of intangible assets 219,000 97,333
Gain on settlement of make whole provision (11,000)
Loss on debt extinguishment 681,988
Gain on settlement of debt (75,000)
Stock based compensation 4,829,598 4,866,324
Recovery of inventory allowance (15,383)
Changes in current assets and liabilities:    
Accounts receivable 293,251 81,078
Inventory (275,276) (220,186)
Prepaid expenses and other current assets 49,340 (35,660)
Accounts payable and accrued expense (144,000) 420,990
Due from related party 141,368 (7,896)
Deferred revenue (6,000)
Net cash used in operating activities (2,250,150) (1,991,165)
INVESTING ACTIVITIES:    
Cash paid on furniture and equipment (675) (14,099)
Net cash used in investing activities (675) (14,099)
FINANCING ACTIVITIES:    
Proceeds from related party convertible note payable 1,000,000
Proceeds from bank line of credit 1,000,000
Cash repayment on OTCC loan (35,000)
Proceeds from convertible Note Payable Series 2016 3,000,000
Net cash provided by financing activities 2,000,000 2,965,000
NET INCREASE (DECREASE) IN CASH (250,825) 959,736
CASH, beginning of period 2,015,214 2,659,734
CASH, end of period 1,764,389 3,619,470
Cash paid during the nine months ended September 30:    
Interest 5,875 3,149
Noncash investing and financing activities for the nine months ended September 30:    
Common Stock issued for Adaptive Flight asset purchase make whole provision 150,500
Conversion of Series A preferred stock to common stock 25
Conversion of Series C preferred stock to common stock 18
Conversion of Series D preferred stock to common stock 5
Conversion of Series F preferred stock to common stock 5
Conversion of Series G preferred stock to common stock 5
Derivative liability on reset provision of Convertible Notes Payable Series 2016 2,394,974
Stock Issued for November 2015 PIPE Investors as consent shares $ 50

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