Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES    
Net loss $ (7,215,649) $ (5,946,012)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 33,477 (6,857)
Loss on conversion of debt 41,903 0
Amortization of deferred financing costs 0 28,249
Stock-based compensation 965,161 1,130,297
Loss on disposal of fixed assets 8,722 0
Depreciation and amortization expense 425,247 386,304
Goodwill impairment 2,288,057 0
Adjustments due to ASC 606 (1,209,823) 0
Increase (decrease) in cash resulting from changes in:    
Accounts receivable 249,479 365,716
Other current assets (946,448) (29,620)
Other assets 0 10,957
Accounts payable 582,700 394,006
Accrued interest 120,304 (852)
Accrued and deferred personnel compensation (244,874) (82,056)
Other liabilities - non-current (157,630) 0
Other liabilities - current (17,550) 111,033
Deferred revenue and customer deposits 528,012 1,268,511
Net cash used in operating activities (4,548,912) (2,370,324)
INVESTING ACTIVITIES    
Purchases of equipment (20,306) (17,490)
Acquisition of Belly assets (3,000,000) 0
Cash paid for patent 0 (16,810)
Capitalized software development costs (504,845) (390,517)
Net cash used in investing activities (3,525,151) (424,817)
FINANCING ACTIVITIES    
Payments on notes payable (3,049,222) 0
Deferred financing costs 0 (15,000)
Net borrowings under line of credit agreement 0 890,722
Proceeds from notes payable 3,095,000 107,679
Proceeds from issuance of common stock, net of issuance costs 8,051,958 82,798
Net cash provided by financing activities 8,097,736 1,066,199
Effect of foreign currency translation on cash flow 70,523 516
Net change in cash 94,196 (1,728,426)
Cash at beginning of period 460,059 2,188,485
Cash at end of period 554,255 460,059
Cash paid during period for:    
Interest 210,422 169,044
Non-cash investing and financing activities:    
Issuance of common stock for cashless exercise 10 0
Issuance of common stock for debt conversion 1,047,584 0
Issuance of common stock from restricted stock awards $ 0 $ 484