Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES:    
Net loss $ (2,707,945) $ (1,983,586)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,519,545 1,213,510
Deferred rent (12,556) (9,399)
Deferred revenue (15,105) (14,034)
Provision for doubtful accounts 164,745 21,941
Foreign exchange (gain) loss (30,646) 26,935
Interest accretion on debt 55,819 41,753
Non-cash restructuring charges 17,001
Stock-based compensation expense 129,347 489,422
Change in contingent consideration (11,188) (44,753)
Changes in operating assets and liabilities:    
Accounts receivable 248,383 (237,570)
Other assets 86,883 30,882
Accounts payable and other liabilities (311,732) 61,272
Net cash used in operating activities (867,449) (403,627)
INVESTING ACTIVITIES:    
Capital expenditures (212,117) (102,646)
Cash paid for acquisitions (1,250,000)
Net cash used in investing activities (212,117) (1,352,646)
FINANCING ACTIVITIES:    
Contingent consideration payments (23,650)
Proceeds from long term debt, net of costs 1,908,141
Repayments of debt obligations (764,791) (237,777)
Proceeds from line of credit 2,000,000
Repayments of line of credit (2,000,000)
Registration statement and bank costs (126,217) (20,000)
Preferred stock dividends paid (202,579) (159,236)
Purchase of common shares (427,123)
Net cash (used in) provided by financing activities (1,117,237) 1,064,005
EFFECT OF EXCHANGE RATE CHANGES ON CASH (30,227) 19,808
NET DECREASE IN CASH (2,227,030) (672,460)
CASH - Beginning of the period 3,476,880 8,039,562
CASH - End of period 1,249,850 7,367,102
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Vehicle financing obtained 91,110
Contingent consideration resulting from acquisitions 430,000
Dividends declared, not paid 202,579 159,236
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 8,017 16,420
Interest $ 129,549 $ 89,495