Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net earnings (loss) $ (1,301,494) $ (280)
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:    
Non-controlling interest (6,824) (977)
Depreciation and amortization 235,699 5,061
Bad debt expense 12,315 0
Equity in (earnings) loss of investments 43,886 (11,564)
(Gain) loss on sale of investments 0 (19,991)
Common stock issued for services 9,406 0
Amortization of warrants 72,063 0
(Increase) decrease in accounts receivable 50,000 (37,410)
(Increase) decrease in prepaid expenses and other assets 170,374 (30,482)
(Increase) decrease inventory (63,233) 0
Increase (decrease) in accounts payable and accrued expenses 424,261 40,162
Increase (decrease) in income taxes payable 47,947 0
Increase (decrease) in deferred revenue and other liabilities (70,802) (1,750)
Advance from related parties for working capital (63,202) (36,805)
Net cash used by operating activities (439,604) (94,036)
Cash flows from investing activities:    
Proceeds from sale of investments 0 190,325
Investment distribution 0 6,228
Purchase of investments (933,948) (160,471)
Franchise fees incurred (312,674) 0
Purchase of property and equipment (816,341) 0
Net cash provided (used) by investing activities (2,062,963) 36,082
Cash flows from financing activities:    
Proceeds for sale of common stock warrants, net 0 16,058
Proceeds for sale of common stock, net 7,051,464 0
Loan proceeds, debt and line of credit 2,915,000 0
Loan repayments, debt and line of credit (3,939,098) 0
Loan repayments, bank note (3,722) (2,240)
Net cash provided by financing activities 6,023,644 13,818
Net increase (decrease) in cash and cash equivalents 3,521,077 (44,136)
Cash and cash equivalents, beginning of period 151,928 46,007
Cash and cash equivalents, end of period 3,673,005 1,871
Supplemental cash flow information:    
Interest 177,134 69,058
Income taxes 0 0
Non-cash investing and financing activities:    
Due to related party exchanged for convertible note payable 0 25,000
Common stock exchanged for convertible notes payable 1,765,902 711,500
Common stock exchanged for accrued interest 141,336 10,000
Common stock exchanged for non-controlling Hoot SA interests 986,651 0
Investment contributed by the Company's CEO $ 0 $ 125,331