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EXCEL - IDEA: XBRL DOCUMENT - Spotlight Innovation, Inc.Financial_Report.xls
10-Q - FORM 10-Q - Spotlight Innovation, Inc.aexp_10q.htm
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v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended 77 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (462,062) $ (585,153) $ (7,577,739)
Adjustments to reconcile net loss to net cash used by operating activities:      
Depreciation and amortization    2,526 11,277
Amortization of debt discount       60,945
Share-based compensation 207,579 321,737 1,843,792
Impairment of oil and gas properties       3,771,001
Loss on sale of assets       1,161
Changes in operating assets and liabilities:      
Accounts payable and accrued liabilities 18,136 1,020 37,702
Accounts payable - related parties 169,105 179,345 453,397
Net cash used in operating activities (67,242) (80,525) (1,398,464)
CASH FLOWS FROM INVESTING ACTIVITIES      
Investment in website       (10,000)
Acquisition of unproved O&G properties       (1,108,551)
Net cash used in investing activities       (1,118,551)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock and warrants       2,063,250
Proceeds from notes payable 30,000 85,000 185,000
Proceeds from notes payable - related parties       152,809
Advances from officer 23,433   23,433
Proceeds from issuance of convertible debt - related parties       95,227
Net cash provided by financing activities 53,433 85,000 2,519,719
Effect of exchange rate changes on cash 2,261    2,261
Increase (decrease) in cash during the period (11,548) 4,475 4,965
Cash, beginning of the period 16,513 10,733   
Cash, end of the period 4,965 15,208 4,965
Supplemental cash flow information:      
Income taxes paid         
Interest paid         
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Common stock issued for acquisition of oil and gas property       2,664,750
Cancellation of loan from director       5,000
Cancellation of shares       $ 83,100