Liquidity and Capital Resources
Liquidity is a measure of a company's ability to meet potential cash requirements. We had current assets at December 31, 2015, including cash of $959 and prepaid expenses and other current assets of $1,000. We had total current liabilities of 8,014,240 and working capital deficiency of $8,012,281 and stockholders' deficit of $7,342,540 as of December 31, 2015. We are reliant upon shareholder, affiliate and third-party loans to fund operations. We have not realized positive operating cash flow. As a result, our current cash position is not sufficient to fund our anticipated cash requirements over the next 12 months, including operations and capital expenditures.
Net cash used in operating activities during the year ended December 31, 2015 was $198,288, primarily relating to our $3,734,598 net loss offset by change in fair value of derivative liabilities, loss on debt modification and increase in due to related parties. In the comparable period of 2014, we had net cash used in operating activities of $638,944.
Net cash provided by financing activities decreased during the fiscal year ended December 31, 2015 by $509,911 in total, to $22,814 from $532,725 for the year ended December 31, 2014. Net cash provided by financing activities during the year ended December 31, 2015 was primarily attributable to the reduction in proceeds from related party loans and the issuance of convertible notes and short term notes. Net cash provided by financing activities during the year ended December 31, 2014 was primarily attributable to the proceeds from the issuance of convertible notes and related party loans totaling $559,231, net of payment of loan costs of $26,506.
In order to continue to operate our business, we estimate we will require working capital of approximately $750,000 for Website operations, marketing expenses and general and administrative expenses. In 2015, related parties lent us approximately $14,314 in order to fund our 2015 working capital requirements. While related parties may continue to lend us funds for our working capital needs, we have not entered into any agreements with anyone for any future loans. In the event we are unable to borrow funds needed for our business, or we are unable to repay our current obligations when due, we will have to seek additional financing, and no assurances can be given that such financing would be available on a timely basis, on terms that are acceptable or at all. Failure to obtain such additional financing could result in our inability to operate our website which represents our sole business and would materially adversely affect our business, results of operations and financial condition and threaten our financial viability
