Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
OPERATING ACTIVITIES      
Net loss $ (1,821,647) $ (1,503,977) $ (7,215,648)
Adjustments to reconcile net loss to net cash used in operating activities:      
Bad debt expense (1,982) 0  
Stock-based compensation 180,749 252,842  
Amortization of debt discount 0 7,786  
Loss on disposal of fixed assets 0 8,722  
Depreciation and amortization expense 167,649 96,970  
Adjustments due to ASC 606 60,583 (713,568)  
Increase (decrease) in cash resulting from changes in:      
Accounts receivable (469,345) 265,936  
Other current assets 24,108 4,151  
Other assets 0 264  
Accounts payable 555,953 41,690  
Accrued interest 0 13,915  
Accrued and deferred personnel compensation (111,488) 149,156  
Other liabilities - non-current 0 58,474  
Right to use leases 62,753 0  
Other liabilities - current (29,960) (185,652)  
Deferred revenue and customer deposits (213,406) 166,750  
Net cash used in operating activities (1,596,033) (1,336,541)  
INVESTING ACTIVITIES      
Purchases of equipment 0 (18,078)  
Capitalized software development costs (139,570) (13,948)  
Net cash used in investing activities (139,570) (32,026)  
FINANCING ACTIVITIES      
Payments on notes payable (6,792) (1,902,947)  
Proceeds from notes payable - related party 1,500,000 1,080,000  
Proceeds from issuance of common stock, net of issuance costs 0 2,163,443  
Net cash provided by financing activities 1,493,208 1,340,496  
Effect of foreign currency translation on cash flow (28,449) (12,615)  
Net change in cash (270,844) (40,686)  
Cash at beginning of period 554,255 460,059 460,059
Cash at end of period 283,411 419,373 $ 554,255
Cash paid during period for:      
Interest 41,906 57,489  
Non-cash investing and financing activities:      
Lease adoption $ 538,740 $ 0