Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
OPERATING ACTIVITIES      
Net loss $ (1,349,226) $ (1,359,226) $ (9,514,461)
Adjustments to reconcile net loss to net cash used in operating activities:      
Bad debt expense (9,787) 3,743  
Amortization of deferred financing costs 4,245 103  
Stock-based compensation 337,417 426,846  
Depreciation and amortization expense 68,746 146,388  
Increase (decrease) in cash resulting from changes in:      
Accounts receivable 1,140,079 (89,753)  
Other current assets (42,760) (48,897)  
Other assets 225 17,700  
Accounts payable (59,548) 419,669  
Accrued interest 1,999    
Accrued and deferred personnel compensation (93,297) (116,191)  
Deferred revenue and customer deposits 247,289 205,904  
Other liabilities (8,529) (34,039)  
Net cash provided by (used in) operating activities 236,853 (427,753)  
INVESTING ACTIVITIES      
Purchases of equipment (2,490) (4,237)  
Acquisitions   10,730  
Cash paid for patent (6,549) (10,000)  
Capitalized software development costs (246,178) (51,862)  
Net cash used in investing activities (255,217) (55,369)  
FINANCING ACTIVITIES      
Deferred financing costs (15,000) (32,287)  
Proceeds from notes payable 53,051    
Proceeds from issuance of common stock, net of issuance costs   1,953,600  
Net cash provided by financing activities 38,051 1,921,313  
Effect of foreign currency translation on cash flow (1,152) (19,307)  
Net change in cash 18,535 1,418,884  
Cash at beginning of period 1,188,485 634,129 634,129
Cash at end of period 1,207,020 2,053,013 $ 1,188,485
Cash paid during period for:      
Interest $ 52,960 $ 7,593