Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.4.0.3
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
OPERATING ACTIVITIES      
Net loss $ (1,288,989) $ (1,729,538) $ (6,133,046)
Adjustments to reconcile net loss to net cash used in operating activities:      
Bad debt expense 3,743 7,222  
Amortization of deferred financing costs 103    
Common stock issued for services   363,001  
Stock-based compensation 356,609 344,267  
Depreciation and amortization expense 146,388 55,746  
Change in fair value of derivative liabilities   (18,325)  
Increase (decrease) in cash resulting from changes in:      
Accounts receivable (89,753) 28,917  
Other current assets (48,897) (22,964)  
Other assets 17,700 (5,700)  
Accounts payable 419,669 93,952  
Accrued and deferred personnel compensation (116,191) (22,501)  
Deferred revenue and customer deposits 205,904 (74,018)  
Other liabilities (34,039) (5,955)  
Net cash used in operating activities (427,753) (985,896)  
INVESTING ACTIVITIES      
Purchases of equipment (4,237) (8,076)  
Acquisitions 10,730    
Cash paid for patent (10,000)    
Capitalized software development costs (51,862) (214,341)  
Net cash used in investing activities (55,369) (222,417)  
FINANCING ACTIVITIES      
Deferred financing costs (32,287)    
Proceeds from issuance of common stock, net of issuance costs 1,953,600 4,295,500  
Net cash provided by financing activities 1,921,313 4,295,500  
Effect of foreign currency translation on cash flow (19,307)    
Net change in cash 1,418,884 3,087,187  
Cash at beginning of period 634,129 848,230 848,230
Cash at end of period 2,053,013 $ 3,935,417 $ 634,129
Cash paid during period for:      
Interest $ 7,593