Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash Flows From Operating Activities:    
Net loss $ (855,507) $ (329,617)
Adjustments to reconcile net loss to cash used in operations:    
Depreciation and amortization 0 1,377
Expenses incurred on behalf of related company 0 (354,810)
Expenses paid by related company 0 25,145
Bad debt 7,010 1,704
Loss on disposal of equipment 1,453 0
Impairment 4,080 20,625
Impairment on investment in marketable securities 0 10,200
Bank overdraft write-off (1,172) 0
(Increase) decrease in operating assets:    
Accounts receivable 0 (213)
Due from related parties 0 (3,616)
Prepaid expenses 0 2,550
Increase (decrease) in operating liabilities:    
Accounts payable 330,392 62,777
Accrued expenses 29,604 (7,000)
Net Cash Used In Operating Activities (484,140) (570,878)
Cash Flows From Investing Activities:    
Acquisition of equipment 1,292 0
Net Cash Used In Investing Activities 1,292 0
Cash Flows From Financing Activities:    
Proceeds from sale of Series B-2 Preferred Stock 495,000 0
Payment for Series A Preferred Stock (50,000) 0
Proceeds from related party (contributed capital) 0 540,896
Net Cash Provided By Financing Activities 445,000 540,896
Net decrease in cash and cash equivalents (37,848) (29,982)
Cash and cash equivalents at beginning of period 72,342 41,692
Cash and cash equivalents at end of period 34,494 11,710
Supplemental Cash Flow Information:    
Cash paid for interest 0 0
Cash paid for taxes 0 0
Non-Cash transactions:    
Purchase of Patent by related party 0 450
Acquisition of license agreement from Exactus BioSolutions Inc 50,000 0
Preferred Stock Series B-2 issued as payment for Note payable 100,000 0
Preferred Stock Series B-2 issued as payment for Exactus shareholder loans 51,000 0
Preferred Stock Series C, common stock, and warrants issued as part of Master Service Agreement and Stock Subscription Agreement as prepaid expense $ 1,000,000 $ 0