Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES    
Net loss $ (9,514,461) $ (6,133,046)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Bad debt expense 169,385 206,147
Amortization of deferred financing costs 12,949  
Common stock issued for services   363,001
Excess fair value of warrants 208,195  
Stock-based compensation 1,599,169 1,659,832
Depreciation and amortization expense 709,456 361,840
Gain on fair value of derivative liabilities   (42,659)
Loss on disposal of fixed assets 67,185 6,943
Gain on adjustment in contingent consideration   (89,740)
Goodwill impairment 2,247,447
Intangible asset impairment 1,684,203 21,188
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (712,755) (527,569)
Other current assets (46,966) (21,499)
Other assets 23,100 (43,083)
Accounts payable 250,693 (37,188)
Accrued interest 2,020  
Accrued and deferred personnel compensation 247,071 229,100
Deferred revenue and customer deposits 87,590 (108,317)
Other liabilities (84,361) 153,620
Net cash used in operating activities (3,050,080) (4,001,430)
INVESTING ACTIVITIES    
Purchases of equipment (39,335) (46,506)
Cash paid for patent (31,355)  
Capitalized software development costs (576,549) (736,665)
Acquisitions 11,088  
Net cash used in investing activities (636,151) (783,171)
FINANCING ACTIVITIES    
Deferred financing costs (32,287)  
Payments on notes payable (8,080)  
Proceeds from the exercise of warrants 2,330,993  
Proceeds from issuance of common stock, net of issuance costs 1,953,600 4,570,500
Net cash provided by financing activities 4,244,226 4,570,500
Effect of foreign currency translation on cash flow (3,639)  
Net change in cash 554,356 (214,101)
Cash at beginning of period 634,129 848,230
Cash at end of period 1,188,485 634,129
Cash paid during period for:    
Interest 77,361  
Non-cash investing and financing activities:    
Issuance of common stock for earn-out payable   $ 750,260
Restricted cash proceeds from line of credit $ 1,000,000