Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited for March 31, 2017) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash $ 36,843 $ 88,909
Prepaid expenses 5,536 5,536
Total current assets 42,379 94,445
Fixed assets, net 566,828 613,332
Total assets 609,207 707,777
Current liabilities:    
Lines of credit 19,172 21,039
Accounts payable and accrued liabilities 735,411 608,332
Loans payable 959,254 615,801
Interest payable 1,814,221 1,452,102
Convertible debt 1,264,898 [1] 983,621 [2]
Contingent consideration liabilities 713,581 713,581
Derivative liabilities 3,639,778 2,925,627
Capital lease liabilities - current 373,930 373,930
Total current liabilities 9,520,245 7,694,033
Long-term liabilities:    
Long-term portion of convertible debt 1,292,500 [3] 1,401,828 [4]
Capital lease liabilities - non-current 85,420 136,672
Total long-term liabilities 1,377,920 1,538,500
Total liabilities 10,898,165 9,232,533
Commitments and contingencies
Stockholders' deficit:    
Common stock 10,510 9,138
Additional paid-in capital 12,323,622 12,155,641
Accumulated deficit (22,628,091) (20,694,148)
Total stockholders' deficit (10,288,958) (8,524,756)
Total liabilities and stockholders' deficit 609,207 707,777
Series A Preferred Stock    
Stockholders' deficit:    
Preferred Stock, Value 230 230
Series B Preferred Stock    
Stockholders' deficit:    
Preferred Stock, Value 2,150 1,762
Series C Preferred Stock    
Stockholders' deficit:    
Preferred Stock, Value $ 2,621 $ 2,621
[1] Net of unamortized discounts of $293,166.
[2] Net of unamortized discounts of $195,827.
[3] Net of unamortized discounts of $0.
[4] Net of unamortized discounts of $110,672.
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues:    
Advertising Sales $ 51 $ 7,326
Total revenues 51 7,326
Operating expenses:    
Selling, general and administrative expenses 537,095 701,686
Professional fees 180,004 144,443
Website setup 1,342 4,967
Total operating expenses 718,441 851,096
Loss from operations (718,390) (843,770)
Other income/(expenses):    
Gain/(loss) on derivative liabilities (904,409) (2,406,761)
Gain/(loss) on debt extinguishment 286,266 (66,994)
Gain on change in fair value of contingent consideration   5,000
Interest expense (597,335) (1,029,517)
Total other income/(expenses) (1,215,478) (3,498,272)
Net loss (1,933,868) (4,342,042)
Series A preferred stock dividends (19) (195)
Net loss attributable to common stockholders $ (1,933,887) $ (4,342,237)
Net loss per common share - basic and diluted $ (0.20) $ (52.03)
Weighted average common shares outstanding - basic and diluted 9,725,325 83,449
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (1,933,868) $ (4,342,042)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discounts 227,700 762,237
Depreciation 46,504 46,504
Amortization   25,365
Capitalized interest expense   192,936
Change in fair value of contingent consideration   (5,000)
Stock-based compensation 56,110 49,900
Gain/(loss) on derivative liabilities 904,409 2,406,761
Gain/(loss) on debt extinguishment (286,266) 66,994
Changes in operating assets and liabilities:    
Accounts receivable (increase/decrease)   (3,842)
Prepaid expenses and other current assets (increase/decrease)   (1)
Accounts payable, accrued liabilities and interest payable (increase/decrease) 499,546 386,924
Net cash used in operating activities (485,865) (413,264)
Cash flows from financing activities:    
Proceeds from convertible note 270,617 372,750
Repayments on capital leases (51,252) (31,069)
Repayments on convertible notes and loans (144,899) (9,516)
Repayment on loans payable- related party (3,300)  
Proceeds from loans payable 364,500 39,100
Proceeds from sale of preferred stock [1] 0 50,001
Lines of credit (increase/decrease) (1,867) 5,804
Net cash provided by financing activities 433,799 427,070
Net (decrease) in cash and cash equivalents (52,066) 13,806
Cash and cash equivalents beginning of period 88,909 16,819
Cash and cash equivalents end of period 36,843 30,625
Noncash Investing and Financing Activities    
Common stock issued for the conversion of preferred stock [2] 0 369
Debt discount due to derivative liabilities 223,604 406,336
Preferred shares issued for conversion of debt and interest   30,652
Common shares issued for conversion of debt and interest $ 113,557 $ 265,258
[1] Series C.
[2] Series A.