Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.7.0.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
[1]
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss attributable to the company $ (555,938) $ (2,668,938)
Less: loss attributable to non-controlling interest
Net loss (555,938) (2,668,938)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation expense 14,790 15,888
Amortization expense 10,969 10,984
Equity based compensation charge 108,000
Shares issued for services 2,032,275
Derivative liability 247,770
Amortized discount on convertible note payable 113,563
Non- cash investment in affiliates (3,000)
Other foreign currency movements (3,792)
Changes in Assets and Liabilities    
Accounts receivable (95,769) (155,999)
Inventory 52,463 115,308
Recoverable IVA taxes and credits 787 (109,700)
Other current assets 33,313 (17,408)
Other assets 2,542 (68)
Accounts payable and accrued expenses (122,073) 38,711
IVA and other taxes payable (18,972) 3,303
Advances from customers 18,438 3,873
Interest accruals 27,216 2,992
CASH USED IN OPERATING ACTIVITIES (270,901) (627,571)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (454)
NET CASH USED IN INVESTING ACTIVITIES (454)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from loans payable 15,000
Proceeds from convertible debt 458,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 473,000
Effect of exchange rate changes on cash and cash equivalents (214,520) 46,774
NET DECREASE IN CASH (12,421) (581,251)
CASH AT BEGINNING OF PERIOD 46,286 832,159
CASH AT END OF PERIOD 33,865 250,908
CASH PAID FOR INTEREST AND TAXES:    
Cash paid for income taxes
Cash paid for interest $ 822
[1] (As Restated)