Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Milestone Medical Inc. [Member]    
Adjustments to reconcile net cash used in operating activities:    
Equity loss (gain) on joint venture $ 1,566,711
Milestone Education LLC [Member]    
Adjustments to reconcile net cash used in operating activities:    
Equity loss (gain) on joint venture 5,493
Milestone China [Member]    
Adjustments to reconcile net cash used in operating activities:    
Equity loss (gain) on joint venture 554,766 187,062
Net loss 5,321,628 4,121,167
Depreciation expense 69,345 20,815
Amortization of patents 53,017 51,994
Common stock and options for compensation, consulting and vendor services 1,136,430 499,049
Equity loss (gain) on joint venture 554,766 1,759,266
Changes in operating assets and liabilities:    
Increase in accounts receivable (759,385) (807,869)
Decrease (Increase) in other receivable 58,140 (85,959)
Increase in inventories (225,998) (307,807)
Increase to advances on contracts (53,566) (490,729)
Increase to prepaid expenses and other current assets 27,701 25,996
Increase in other assets (2,670)
Increase (decrease) in accounts payable 169,388 (672,974)
Increase in accrued expenses and other payables 181,324 369,685
Net cash used in operating activities (4,119,282) (3,762,370)
Cash flows from investing activities:    
Notes receivable from Milestone Medical (2,000,000)
Due from related party (677,991)
Investment in Treasury Bills
Purchases of intangible assets (15,616) (1,986)
Purchases of property and equipment (14,945) (47,613)
Cash acquired from variable interest entity 50,621
Net cash provided by (used in) investing activities 20,060 (2,727,590)
Cash flows from financing activities:    
Capital contribution from noncontrolling interest 2,543 500,000
Proceeds from exercise of stock options 12,750
Net Proceeds on Private Placement Offering 2,225,000
Net cash provided by investing activities 2,227,543 512,750
Net decrease in cash and cash equivalents (1,871,679) (5,977,210)
Cash and cash equivalents at beginning of period 4,194,384 10,367,993
Cash and cash equivalents at end of period 2,322,705 4,390,783
Supplemental disclosure of cash flow information:    
Net assets acquired from variable interest entity 14,076
Shares issued to employees in lieu of cash compensations 22,489 42,500
Shares issued to employees for bonus 389,318 100,000
Shares issued to consultants in lieu of cash payment $ 366,299 $ 60,000