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 9 Months Ended 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
OPERATING ACTIVITIES          
Net loss $ (1,537,472) $ (1,578,603) $ (4,167,156) $ (3,934,049) $ (9,514,461)
Adjustments to reconcile net loss to net cash used in operating activities:          
Bad debt expense     (7,277) 152,938  
Amortization of deferred financing costs     20,245 8,705  
Stock-based compensation     855,738 1,187,249  
Depreciation and amortization expense 105,510 194,419 273,716 501,866  
Loss on disposal of fixed assets       67,185  
Increase (decrease) in cash resulting from changes in:          
Accounts receivable     (159,958) (175,433)  
Other current assets     (106,813) (22,455)  
Other assets     10,957 23,100  
Accounts payable     351,089 235,676  
Accrued interest     1,040 4,112  
Accrued and deferred personnel compensation     (252,394) 36,989  
Deferred revenue and customer deposits     1,963,429 199,479  
Other liabilities     (19,787) (77,525)  
Net cash provided by (used in) operating activities     (1,237,171) (1,792,163)  
INVESTING ACTIVITIES          
Purchases of equipment     (4,989) (30,209)  
Acquisitions       11,088  
Cash paid for patent     (16,810) (20,915)  
Capitalized software development costs     (382,023) (442,267)  
Net cash used in investing activities     (403,822) (482,303)  
FINANCING ACTIVITIES          
Deferred financing costs     (15,000) (32,287)  
Net borrowings under line of credit agreement     1,999,531    
Proceeds (repayments) from notes payable     114,749 (4,634)  
Proceeds from issuance of common stock, net of issuance costs     59,797 1,953,600  
Net cash provided by financing activities     2,159,077 1,916,679  
Effect of foreign currency translation on cash flow     2,560 (2,803)  
Net change in cash     520,644 (360,590)  
Cash at beginning of period     1,188,485 634,129 634,129
Cash at end of period $ 1,709,129 $ 273,539 1,709,129 273,539 $ 1,188,485
Cash paid during period for:          
Interest     115,363 52,960  
Non-cash investing and financing activities:          
Restricted cash proceeds from line of credit       $ 1,000,000  
Issuance of common stock from restricted stock awards     $ 264