Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
OPERATING ACTIVITIES:    
Net loss $ (5,381,667) $ (4,772,596)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,637,131 3,536,940
Deferred rent (38,544) (28,032)
Deferred revenue 13,807 (32,912)
Provision for doubtful accounts 357,671 205,289
Provision for deferred income taxes 165,000 114,893
Foreign exchange (gain) loss (27,145) 72,360
Interest accretion and write-off of deferred financing costs 672,998 145,038
Non-cash restructuring charges 17,001
Stock-based compensation expense 333,854 765,595
Change in contingent consideration 151,423 (607,978)
Acquisition settlements (26,296)
Changes in operating assets and liabilities:    
Accounts receivable 437,557 (160,523)
Other assets 107,532 211,651
Accounts payable and other liabilities (1,754,255) 90,843
Net cash used in operating activities (1,307,637) (485,728)
INVESTING ACTIVITIES:    
Capital expenditures (499,988) (319,870)
Cash paid for acquisitions (205,000) (1,425,000)
Net cash used in investing activities (704,988) (1,744,870)
FINANCING ACTIVITIES:    
Contingent consideration payments (79,603) (153,799)
Settlement of tax withholding obligations on stock issued to employees (195,912) (8,500)
Proceeds from issuance of common stock, net of placement costs 2,000,000
Proceeds from issuance of preferred stock, net of placement costs 13,484,552 1,270,528
Proceeds from long term debt, net of costs 1,908,141
Repayments of debt obligations (7,626,088) (554,002)
Repayment of Prudential obligation (5,000,000)
Proceeds from line of credit 7,000,000 6,000,000
Repayments of line of credit (7,000,000) (6,000,000)
Payment of registration statement and bank costs (335,239) (119,406)
Preferred stock dividends paid (846,825) (506,603)
Purchase of common shares (546,145)
Net cash provided by financing activities 1,400,885 1,290,214
EFFECT OF EXCHANGE RATE CHANGES ON CASH (75,758) 11,317
NET DECREASE IN CASH (687,498) (929,067)
CASH - Beginning of the period 3,476,880 8,039,562
CASH - End of period 2,789,382 7,110,495
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Vehicle financing obtained 30,746 189,725
Contingent consideration resulting from acquisitions 678,368
Dividends declared, not paid 638,905 202,578
Purchase of prepaid insurance through assumption of note 298,698 313,577
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 9,513 32,816
Interest $ 599,950 $ 321,530