Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (764,795) $ (500,945)
Adjustments to reconcile net income (loss) to net cash provided by (used by) operating activities:    
Depreciation and amortization 35,355 35,524
Amortization of discount on investment in account receivable (67,470) (24,750)
Accrued interest receivable (2,830) (6,352)
Investment (gain) loss 156,372 (1,303)
Provision for bad debt 16,610 58,211
Gain recognized on purchase of majority interest in WCI 0 (1,250,000)
Gain on conversion of investment in MicroCannaBiz to note (35,360) 0
Impairment of MicroCannaBiz note receivable 74,000 0
Goodwill impairment 466,765 0
Gain on convertible security valuation (589,611) 0
Decrease (increase) in operating assets    
Accounts receivable - trade (69,470) (96,222)
Prepaid expenses and other current assets 37,035 289,141
Employee advances (1,177) 0
Other assets 1,000 0
Increase (decrease) in operating liabilities    
Accounts payable 53,337 32,072
Accrued expenses (78,802) 21,961
Deferred revenue 866 0
Borrowing on line of credit 10,000 60,000
Accrued salary, retirement and benefits - related party 135,683 33,909
Net cash provided by (used by) operating activities (622,492) (1,348,754)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (18,021) (32,110)
Sale of property and equipment 0 10,198
Cost of securities purchased (1,060) (18,846)
Proceeds from securities sold 8,014 35,637
Receivable - Bhang Chocolate Company shareholders 0 (1,500,000)
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 consolidating WCI on January 1, 2014, net of cash 0 (17,898)
Other receivable advance (116,859) 0
Investment in MicroCannaBiz (2,000) 0
Net cash provided by (used by) investing activities (12,926) (1,736,869)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Warrants converted to common stock, net of costs 332,250 3,426,243
Common stock repurchased and retired (15,705) (19,145)
Payments on long-term debt (19,707) (50,626)
Sale of convertible security 120,000 0
Contribution by subsidiary minority interest 0 15,195
Non-controlling interest distribution (33,969) 0
Net cash provided by (used by) financing activities 382,869 3,371,667
Net change in cash (252,549) 286,044
Beginning cash 326,228 40,184
Ending cash 73,679 326,228
SUPPLEMENTARY INFORMATION:    
Cash paid for interest 15,505 18,815
Cash paid for income taxes 800 35,820
NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Shareholder purchase of shares through decrease in liability to shareholder 0 944,231
Shareholder assumption of warrant liability resulting in increased liability to shareholder (105,197) (19,700)
Investment in account receivable, net of discount, via issuance of 757,049 shares $ 471,647 $ 0