Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
OPERATING ACTIVITIES          
Net loss $ (996,463) $ (1,329,911) $ (2,355,377) $ (3,059,449) $ (6,133,046)
Adjustments to reconcile net loss to net cash used in operating activities:          
Bad debt expense     11,081 4,111  
Amortization of deferred financing costs     4,351    
Common stock issued for services       363,001  
Stock-based compensation     799,193 766,464  
Depreciation and amortization expense 161,196 82,740 307,447 138,486  
Change in fair value of derivative liabilities       6,815  
Gain on adjustment in contingent consideration   (2,000)   (2,000)  
Increase (decrease) in cash resulting from changes in:          
Accounts receivable     (168,190) 45,147  
Other current assets     (60,237) (57,759)  
Other assets     17,700 (25,107)  
Accounts payable     106,044 125,134  
Accrued interest     3,026    
Accrued and deferred personnel compensation     19,361 (27,806)  
Deferred revenue and customer deposits     222,487 (112,447)  
Other liabilities     (69,440) 42,938  
Net cash used in operating activities     (1,162,554) (1,792,472)  
INVESTING ACTIVITIES          
Purchases of equipment     (9,753) (50,513)  
Acquisitions     10,730    
Cash paid for patent     (12,700)    
Capitalized software development costs     (342,381) (402,106)  
Net cash used in investing activities     (354,104) (452,619)  
FINANCING ACTIVITIES          
Deferred financing costs     (32,287)    
Repayments of notes payable     (1,152)    
Proceeds from issuance of common stock, net of issuance costs     1,953,600 4,570,500  
Net cash provided by financing activities     1,920,161 4,570,500  
Effect of foreign currency translation on cash flow     (1,769)    
Net change in cash     401,734 2,325,409  
Cash at beginning of period     634,129 848,230 848,230
Cash at end of period $ 1,035,863 $ 3,173,639 1,035,863 $ 3,173,639 $ 634,129
Cash paid during period for:          
Interest     27,063    
Non-cash investing and financing activities:          
Restricted cash proceeds from line of credit     $ 1,000,000