Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities:    
Net loss $ (5,328,029) $ (3,100,556)
Less: net loss from discontinued operations (25,215) (293,977)
Net loss from continuing operations (5,353,244) (3,394,533)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 622,274 383,454
Equity in losses of investments 125,017 14,803
Common stock issued for services 569,990 32,400
Loss (gain) on sale of investments 0 16,598
Amortization of debt discount 566,867 0
Warrants issued for consulting services 486,272 169,200
Warrant liability adjustment (119,600) 0
Gain on debt extinguishment (70,900) 0
Increase in amounts due from affiliate 52 (77,643)
Increase in accounts receivable 7,455 (52,359)
Increase in other receivable 179,919 (43,364)
Increase in prepaid expenses and other assets (165,356) (125,368)
Increase in inventory 5,966 (121,950)
Increase (decrease) in accounts payable and accrued expenses 464,932 785,966
Increase in deferred rent (56,426) 58,886
Net cash used in operating activities from continuing operations (2,736,782) (2,353,910)
Net cash provided by (used in) operating activities from discontinued operations 32,583 (24,471)
Net cash used in operating activities (2,704,199) (2,378,381)
Cash flows from investing activities:    
Cash acquired in acquisitions 243,991 0
Investment return of capital 99,934 0
Purchase of investments (674,084) (1,202,936)
Franchise costs (76,822) (239,684)
Purchase of property and equipment (3,658,224) (1,173,801)
Net cash used in investing activities from continuing operations (4,065,205) (2,616,421)
Cash flows from financing activities:    
Proceeds from sale of common stock 3,073,397 7,051,464
Loan proceeds 3,622,000 2,915,000
Loan repayments (756,299) (3,939,098)
Capital lease payments (45,356) (45,814)
Non-controlling interest investment 0 90,000
Other liabilities 0 (46,282)
Net cash provided by financing activities from continuing operations 5,893,742 6,025,270
Effect of exchange rate changes on cash 94,553 28,206
Net increase in cash and cash equivalents (781,109) 1,058,674
Cash, beginning of year 1,223,803 165,129
Cash, end of year 442,694 1,223,803
Supplemental cash flow information:    
Interest 92,049 273,468
Income taxes 25,928 0
Non-cash investing and financing activities:    
Convertible notes payable exchanged for common stock 0 1,907,238
Common stock issued for Hoot limited partner units 0 986,651
Purchase of equipment using capital leases 121,980 0
Acquisition of subsidiaries:    
Current assets, excluding cash and cash equivalents 475,326 0
Property and equipment 3,263,146 0
Goodwill 6,100,269 0
Trade name/trademark 2,794,443 0
Deposits and other assets 98,035 0
Liabilities assumed (2,110,436) 0
Deferred tax liabilities (1,340,000) 0
Non-controlling interest (463,571) 0
Common stock and warrants issued (5,321,203) 0
Cash paid (3,740,000) 0
Cash received in excess of cash paid in acquisitions $ (243,991) $ 0