Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.3.0.814
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (504,704) $ (11,268)
Adjustments to reconcile net income (loss) to net cash provided by (used by) operating activities:    
Depreciation and amortization 24,578 19,314
Amortization of discount on investment in account receivable (43,013) (11,250)
Loss on disposal of furniture and equipment 0 1,886
Accrued investment interest income (4,839) 0
Investment loss 2,140 5,590
Gain recognized on purchase of majority interest in WCI 0 (1,250,964)
Gain on conversion of investment in MicroCannaBiz to note receivable (35,360) 0
Decrease (increase) in operating assets    
Accounts receivable - trade (78,929) (35,637)
Receivable - Bhang Chocolate Company shareholders 0 (1,500,000)
Prepaid expenses and other current assets 32,708 (31,976)
Other assets 1,000 (3,725)
Increase (decrease) in operating liabilities    
Accounts payable (16,591) (12,274)
Accrued expenses (123,763) (25,386)
Deferred revenue 52,829 0
Accrued salary, retirement and benefits - related party 104,405 (5,073)
Net cash provided by (used by) operating activities (589,540) (2,860,763)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (17,601) (33,826)
Sale of property and equipment 0 7,499
Cost of securities purchased (1,061) 0
Proceeds from securities sold 1,053 7,482
Receivable - Bhang Chocolate Company shareholders 0 0
Investment in receivable 0 (90,000)
Receipt of investment in receivable 117,000 0
Investment in convertible note receivable 0 (100,000)
Proceeds from long term investment 0 1,150
Purchase of additional interest in WCI 0 (25,000)
Effect of deconsolidating MCB on April 27, 2015 and converting to note receivable (1,999) 0
Employee advances (2,263) 254
Net cash provided by (used by) investing activities 95,129 (232,441)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Warrants converted to common stock, net of costs 313,407 3,637,505
Common stock repurchased and retired (15,705) (19,037)
Borrowing on line of credit 0 60,000
Payments on long-term debt (15,732) (46,479)
Sale of convertible security 120,000 0
Non-controlling interest distribution (33,969) (72,875)
Net cash provided by (used by) financing activities 368,001 3,559,114
Net change in cash (126,410) 465,910
Beginning cash 326,228 87,557
Ending cash 199,818 553,467
SUPPLEMENTARY INFORMATION:    
Cash paid for interest 11,924 13,550
Cash paid for income taxes $ 800 $ 2,525
NON-CASH INVESTING AND FINANCING TRANSACTION:    
Shareholder purchase of shares through decrease in liability to shareholder 0 944,231
Shareholder assumption of warrant liability resulting in increased liability to shareholder $ (75,706) $ (19,700)
Investment in account receivable, net of discount, via issuance of shares $ 547,353 $ 0