Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES:    
Net loss $ (8,796,723) $ (4,687,378)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,108,035 4,598,610
Deferred rent (33,951) (11,362)
Deferred revenue (41,263) (28,664)
Deferred income taxes 174,261 171,269
Provision for doubtful accounts 291,465 275,218
Foreign exchange loss (gain) 92,160 (157,261)
Interest accretion on debt 200,157 50,759
Stock-based compensation expense 1,877,815 628,792
Change in contingent consideration (715,495) (1,786,367)
Changes in operating assets and liabilities:    
Accounts receivable (456,468) 520,121
Other assets 323,117 233,144
Accounts payable and other liabilities 1,079,048 (1,689,662)
Net cash used in operating activities (897,842) (1,882,781)
INVESTING ACTIVITIES:    
Capital expenditures (463,399) (421,858)
Cash paid for acquisitions (3,370,083) (180,565)
Net cash used in investing activities (3,833,482) (602,423)
FINANCING ACTIVITIES:    
Contingent consideration payments (190,831)
Proceeds from note payable to majority shareholder 410,000
Repayments of note payable to majority shareholder (880,089)
Proceeds from long term debt, net of costs 1,908,141 5,489,625
Repayments of debt obligations (1,389,082) (810,924)
Proceeds from issuance of preferred stock, net of costs 1,270,528 4,679,196
Proceeds from line of credit 6,000,000 11,463,766
Repayments of line of credit (6,000,000) (10,678,766)
Registration statement and bank costs (186,123)
Preferred stock dividends paid (709,182) (47,771)
Purchase of common shares (546,145) (122,031)
Net cash provided by financing activities 157,306 9,503,006
EFFECT OF EXCHANGE RATE CHANGES ON CASH 11,336 (26,900)
NET (DECREASE) INCREASE IN CASH (4,562,682) 6,990,902
CASH - Beginning of the period 8,039,562 1,048,660
CASH - End of period 3,476,880 8,039,562
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition through issuance of promissory notes 5,000,000 375,000
Vehicle financing obtained 222,214 30,442
Contingent consideration resulting from acquisitions 678,367 888,527
Dividends declared, not paid 202,579 159,236
Purchase of prepaid insurance through assumption of note 313,577 374,785
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 52,462 9,759
Interest $ 451,526 $ 256,269