Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Dec. 31, 2015
OPERATING ACTIVITIES          
Net loss $ (1,578,603) $ (1,322,449) $ (3,934,049) $ (4,381,897) $ (6,133,046)
Adjustments to reconcile net loss to net cash used in operating activities:          
Bad debt expense     152,938 (8,300)  
Amortization of deferred financing costs     8,705    
Common stock issued for services       363,001  
Stock-based compensation     1,187,249 1,218,649  
Depreciation and amortization expense 194,419 105,512 501,866 243,998  
Change in fair value of derivative liabilities       (34,980)  
Loss on disposal of fixed assets     67,185 6,943  
Gain on adjustment in contingent consideration   (87,740)   (89,740)  
Intangible asset impairment   21,188   21,188  
Increase (decrease) in cash resulting from changes in:          
Accounts receivable     (175,433) (379,095)  
Other current assets     (22,455) (82,997)  
Other assets     23,100 (43,082)  
Accounts payable     235,676 87,614  
Accrued interest     4,112    
Accrued and deferred personnel compensation     36,989 (40,311)  
Deferred revenue and customer deposits     199,479 (109,069)  
Other liabilities     (77,525) 146,420  
Net cash used in operating activities     (1,792,163) (3,081,658)  
INVESTING ACTIVITIES          
Purchases of equipment     (30,209) (46,506)  
Acquisitions     11,088    
Cash paid for patent     (20,915)    
Capitalized software development costs     (442,267) (489,850)  
Net cash used in investing activities     (482,303) (536,356)  
FINANCING ACTIVITIES          
Deferred financing costs     (32,287)    
Repayments of notes payable     (4,634)    
Proceeds from issuance of common stock, net of issuance costs     1,953,600 4,570,500  
Net cash provided by financing activities     1,916,679 4,570,500  
Effect of foreign currency translation on cash flow     (2,803)    
Net change in cash     (360,590) 952,486  
Cash at beginning of period     634,129 848,230 848,230
Cash at end of period $ 273,539 $ 1,800,716 273,539 1,800,716 $ 634,129
Cash paid during period for:          
Interest     52,960    
Non-cash investing and financing activities:          
Restricted cash proceeds from line of credit     $ 1,000,000    
Issuance of common stock for earn-out payable       $ 750,260