Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net earnings (loss) $ (1,547,401) $ (280)
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:    
Non-controlling interest (132,204) (977)
Depreciation and amortization 167,185 5,061
Equity in (earnings) loss of investments 43,886 (11,564)
Common stock issued for services 9,406 0
(Gain) loss on sale of investments 0 (19,991)
Amortization of warrants 72,063 0
(Increase) decrease in accounts and other receivables (24,010) (37,410)
(Increase) decrease in prepaid expenses and other assets 84,016 (30,482)
(Increase) decrease inventory (34,934) 0
Increase (decrease) in accounts payable and accrued expenses 565,300 40,162
Increase (decrease) in deferred rent 31,284 0
Increase (decrease) in deferred revenue 0 (1,750)
Advance from related parties for working capital (63,202) (36,805)
Net cash used by operating activities (828,611) (94,036)
Cash flows from investing activities:    
Proceeds from sale of investments 0 190,325
Proceeds from non-controlling interests 90,000 0
Investment distribution 0 6,228
Purchase of investments (904,857) (160,471)
Franchise fees incurred (240,000) 0
Purchase of property and equipment (696,839) 0
Net cash provided (used) by investing activities (1,751,696) 36,082
Cash flows from financing activities:    
Sale of common stock 7,051,464 0
Loan proceeds, net 2,915,000 0
Proceeds from sale of common stock warrants, net 0 16,058
Increase (decrease) in other liabilities (25,012) 0
Loan and capital lease repayment (3,956,813) (2,240)
Net cash provided (used) by financing activities 5,984,639 13,818
Effect of exchange rate changes on cash (1,045) 0
Net increase in cash and cash equivalents 3,403,287 (44,136)
Cash and cash equivalents, beginning of period 165,129 46,007
Cash and cash equivalents, end of period 3,568,416 1,871
Supplemental cash flow information:    
Interest 191,578 69,058
Income taxes 0 0
Non-cash investing and financing activities:    
Due to related party exchanged for convertible note payable 0 25,000
Convertible notes payable exchanged for common stock 1,907,238 711,500
Accrued interest exchanged for common stock 0 10,000
Common stock units issued for Hoot limited partner units $ 986,651 $ 0