We have primarily financed our operations through the sale of unregistered equity, warrants and convertible notes payable. As of December 31, 2013, our Company had cash totaling $6,371, current assets totaling $223,657 and total assets of $308,468. We had total liabilities of $8,968,784, contingent liabilities of $1,137,708 and working capital deficit of $7,607,419. Stockholders' deficit at December 31, 2013 was $8,660,316.
Net cash used in operating activities was $1,360,343 for the period from January 25, 2012 (inception) to December 31, 2012, and was $1,451,420 during the year ended December 31, 2013. The net cash used by operating activities was related to increased activities incurred in ramping up our business operations over the previous period from inception.
Net cash used in investing activities was $303,442 for the period from January 25, 2012 (inception) to December 31, 2012, and was $82,467 during the year ended December 31, 2013. The net cash used in investing activities was mainly attributable to purchase of content.
Net cash provided by financing activities was $1,664,616 for the period from January 25, 2012 (inception) to December 31, 2012, and was $1,539,427 during the year ended December 31, 2013. The net cash provided by financing activities was mainly attributable to proceeds from the issuance of convertible notes, notes payable, and warrants.
Based on our need to raise additional funds to implement our business plans for the next twelve months, we have included a discussion concerning the presentation of our financial statements on a going concern basis in the notes to our financial statements and our independent public accountants have included a similar discussion in their opinion on our financial statements through December 31, 2013. We will be required in the near future to issue debt or sell our Company's equity securities in order to raise additional cash, although there are no arrangements in place for any such financing at this time. We cannot provide any assurances as to whether we will be able to secure the necessary financing, or the terms of any such financing transaction if one were to occur. The failure to secure such financing could severely curtail our plans for future growth or in more severe scenarios, the continued operations of our Company.
