Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.3.0.814
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net loss $ (4,381,897) $ (4,631,978)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Bad debt expense (8,300) 37,687
Common stock issued for services 363,001 199,575
Stock based compensation expense 1,218,649 869,394
Depreciation and amortization expense 243,998 300,273
Change in fair value of derivative liabilities (34,980) (55,438)
Loss on disposal of fixed assets 6,943  
Gain on adjustment in contingent consideration (89,740)  
Intangible asset impairment 21,188  
Increase (decrease) in cash resulting from changes in:    
Accounts receivable (379,095) 51,185
Other current assets (82,997) 20,778
Other Assets (43,082) (8,290)
Accounts payable 87,614 (55,797)
Accrued interest   2,562
Accrued and deferred personnel compensation (40,311) 39,675
Deferred revenue and customer deposits (109,069) (139,510)
Other liabilities 146,420 (13,925)
Net cash used in operating activities (3,081,658) (3,383,809)
INVESTING ACTIVITIES    
Purchases of equipment (46,506) (24,865)
Capitalized software development costs (489,850)  
Acquisitions   (2,368,019)
Net cash used in investing activities (536,356) (2,392,884)
FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of issuance costs 4,570,500 4,977,130
Net cash provided by financing activities 4,570,500 4,977,130
Net change in cash 952,486 (799,563)
Cash at beginning of period 848,230 2,572,685
Cash at end of period 1,800,716 1,773,122
Cash paid during period for:    
Interest   2,563
Non-cash investing and financing activities:    
Issuance of common stock for acquisitions   672,505
Issuance of common stock for earn-out payable $ 750,260  
Earn-out payable recorded for acquisition   $ 2,273,000