...Operating expense increased 207% for the year ended December 31, 2014, to $6,152,945, compared to $2,006,939 for the eleven
months ended December 31, 2013.
...Liquidity is the ability of a company to generate sufficient cash to satisfy its needs for cash. As of December 31, 2014 we had
approximately $136,000 in cash and cash equivalents and a working capital deficit of approximately $14,661,000 (resulting primarily from
derivative liabilities aggregating approximately $12,174,000), as compared to cash and cash equivalents of approximately $341,000 and a
working capital deficit of approximately $13,408,000 at December 31, 2013. Our recent sources of operating capital have been equity and debt
financings, along with advances from related parties. In December 2013 we raised $100,000 from the sale of a convertible debenture and
$672,000 from the sale of preferred stock (of which $472,000 was received in January 2014). We also received proceeds from convertible and
other notes aggregating $1,841,000 during the year ended December 31, 2014.
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