Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
OPERATING ACTIVITIES    
Net loss $ (5,946,012) $ (9,514,461)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Bad debt expense (6,857) 169,385
Amortization of deferred financing costs 28,249 12,949
Excess fair value of warrants   208,195
Stock-based compensation 1,130,297 1,599,169
Depreciation and amortization expense 386,304 709,456
Gain on adjustment in contingent consideration   67,185
Goodwill impairment 2,247,447
Intangible asset impairment   1,684,203
Increase (decrease) in cash resulting from changes in:    
Accounts receivable 365,716 (712,755)
Other current assets (29,620) (46,966)
Other assets 10,957 23,100
Accounts payable 394,006 250,693
Accrued interest (852) 2,020
Accrued and deferred personnel compensation (82,056) 247,071
Deferred revenue and customer deposits 1,268,511 87,590
Other liabilities 111,033 (84,361)
Net cash used in operating activities (2,370,324) (3,050,080)
INVESTING ACTIVITIES    
Purchases of equipment (17,490) (39,335)
Cash paid for patent (16,810) (31,355)
Capitalized software development costs (390,517) (576,549)
Acquisitions   11,088
Net cash used in investing activities (424,817) (636,151)
FINANCING ACTIVITIES    
Deferred financing costs (15,000) (32,287)
Proceeds (payments) on notes payable 107,679 (8,080)
Borrowings on line of credit facility 890,722 1,000,000
Proceeds from the exercise of warrants   2,330,993
Proceeds from issuance of common stock, net of issuance costs 82,798 1,953,600
Net cash provided by financing activities 1,066,199 5,244,226
Effect of foreign currency translation on cash flow 516 (3,639)
Net change in cash (1,728,426) 1,554,356
Cash at beginning of period 2,188,485 634,129
Cash at end of period 460,059 2,188,485
Cash paid during period for:    
Interest 169,044 $ 77,361
Non-cash investing and financing activities:    
Issuance of common stock from restricted stock awards $ 484