Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net loss $ (1,693,773) $ (1,015,779)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 11,297 43,607
Stock-based compensation 228,623 199,213
Intangible asset impairment 8,286  
Depreciation and amortization expense 141,591 173,937
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (1,071,359) (402,641)
Contracts receivable, current   (164,387)
Other current assets (70,901) 76,665
Operating lease assets/liabilities 16,636 (11,730)
Contracts receivable, long-term 235,976 (356,330)
Other assets (108,652) (429)
Accounts payable 308,399 367,565
Accrued interest (15,775) 51,041
Accrued and deferred personnel compensation 248,828 159,357
Other liabilities - non-current (138,589)  
Other liabilities - current (36,130) (36,368)
Deferred revenue and customer deposits 33,584 576,371
Net cash used in operating activities (1,901,959) (339,908)
INVESTING ACTIVITIES    
Purchases of equipment (75,852) (4,907)
Capitalized software development costs (50,588) (15,592)
Net cash used in investing activities (126,440) (20,499)
FINANCING ACTIVITIES    
Payments on notes payable (141,058) (122,743)
Payments on related party notes payable (80,000)  
Proceeds from related party notes payable   202,596
Proceeds from conversion of common stock warrants   234,500
Net cash provided by (used in) financing activities (221,058) 314,353
Effect of foreign currency translation on cash flow (6,155) (19,328)
Net change in cash (2,255,612) (65,382)
Cash at beginning of period 3,282,820 273,599
Cash at end of period 1,027,208 208,217
Cash paid during period for:    
Interest 29,541 $ 26,096
Non-cash investing and financing activities:    
Fixed assets contributed by lessor 110,000  
Initial non asset and lease liability $ 1,458,527