Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net loss $ (1,741,388) $ (4,411,647)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 118,123 38,522
Stock-based compensation 322,757 676,554
Loss on disposal of fixed assets & patents 3,935 10,975
Depreciation and amortization expense 358,844 307,481
Adjustments due to ASC 606 (423,330) 191,065
Increase (decrease) in cash resulting from changes in:    
Accounts receivable 112,549 136,608
Other current assets 225,192 214,294
Other assets 594 (24,567)
Accounts payable 497,070 995,000
Accrued interest 98,705 86,866
Accrued and deferred personnel compensation (56,065) (128,007)
Right to use leases (11,627) (15,081)
Other liabilities - current (14,020) 69,860
Deferred revenue and customer deposits 341,194 (773,015)
Net cash used in operating activities (167,467) (2,625,092)
INVESTING ACTIVITIES    
Purchases of equipment (4,907) (8,183)
Cash paid for patent activities (8,755) 0
Capitalized software development costs (112,681) (256,963)
Net cash used in investing activities (126,343) (265,146)
FINANCING ACTIVITIES    
Payments on notes payable (222,430) (5,139)
Proceeds from notes payable 920,519 0
Proceeds from related party notes payable, net of repayments 139,300 2,496,562
Proceeds from conversion of common stock warrants 234,500 0
Net cash provided by financing activities 1,071,889 2,491,423
Effect of foreign currency translation on cash flow (54,968) (615)
Net change in cash 723,111 (399,430)
Cash at beginning of period 273,599 554,255
Cash at end of period 996,710 154,825
Supplemental disclosures:    
Cash paid during period for: Interest 46,572 71,091
Non-cash investing and financing activities:    
Lease adoption $ 0 $ 538,740