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, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
OPERATING ACTIVITIES          
Net loss $ (1,279,121) $ (996,463) $ (2,628,506) $ (2,355,377) $ (9,514,461)
Adjustments to reconcile net loss to net cash used in operating activities:          
Bad debt expense     (9,101) 11,081  
Amortization of deferred financing costs     12,237 4,351  
Stock-based compensation     705,840 799,193  
Depreciation and amortization expense 99,458 161,196 168,203 307,447  
Increase (decrease) in cash resulting from changes in:          
Accounts receivable     551,557 (168,190)  
Other current assets     (37,005) (60,237)  
Other assets     225 17,700  
Accounts payable     96,247 106,044  
Accrued interest     7,146 3,026  
Accrued and deferred personnel compensation     (46,043) 19,361  
Deferred revenue and customer deposits     825,089 222,487  
Other liabilities     (13,911) (69,440)  
Net cash provided by (used in) operating activities     (368,022) (1,162,554)  
INVESTING ACTIVITIES          
Purchases of equipment     (2,489) (9,753)  
Acquisitions       10,730  
Cash paid for patent     (9,780) (12,700)  
Capitalized software development costs     (294,199) (342,381)  
Net cash used in investing activities     (306,468) (354,104)  
FINANCING ACTIVITIES          
Deferred financing costs     (15,000) (32,287)  
Proceeds (repayments) from notes payable     46,410 (1,152)  
Proceeds from issuance of common stock, net of issuance costs     29,750 1,953,600  
Net cash provided by financing activities     61,160 1,920,161  
Effect of foreign currency translation on cash flow     (255) (1,769)  
Net change in cash     (613,585) 401,734  
Cash at beginning of period     1,188,485 634,129 634,129
Cash at end of period $ 574,900 $ 1,035,863 574,900 1,035,863 $ 1,188,485
Cash paid during period for:          
Interest     $ 52,607 27,063  
Non-cash investing and financing activities:          
Restricted cash proceeds from line of credit       $ 1,000,000