Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
OPERATING ACTIVITIES:    
Net loss $ (5,565,156) $ (8,796,723)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,299,943 5,108,035
Deferred rent (53,263) (33,951)
Deferred revenue 22,380 (41,263)
Provision for doubtful accounts 409,693 291,465
Provision for deferred income taxes 26,542 174,261
Foreign exchange (gain) loss (248,518) 92,160
Interest accretion and write-off of deferred financing costs 722,070 200,157
Non-cash restructuring charges 17,001
Stock-based compensation expense 1,487,295 1,877,815
Change in contingent consideration 151,423 (715,495)
Changes in operating assets and liabilities:    
Accounts receivable 41,745 (456,468)
Other assets 511,917 323,117
Accounts payable and other liabilities (1,541,430) 1,087,548
Net cash provided by (used in) operating activities 281,642 (889,342)
INVESTING ACTIVITIES:    
Capital expenditures (697,211) (463,399)
Cash paid for acquisitions (205,000) (3,370,083)
Net cash used in investing activities (902,211) (3,833,482)
FINANCING ACTIVITIES:    
Proceeds from issuance of common stock, net of placement costs 1,972,065
Proceeds from issuance of preferred stock, net of placement costs 16,535,656 1,270,528
Preferred stock dividends paid (1,485,727) (709,182)
Purchase of common shares (546,145)
Settlement of tax withholding obligations on stock issued to employees (195,912) (8,500)
Proceeds from long term debt, net of costs 1,908,141
Repayments of debt obligations (7,719,520) (1,389,082)
Repayment of Prudential obligation (5,000,000)
Proceeds from line of credit 9,197,863 6,000,000
Repayments of line of credit (11,197,863) (6,000,000)
Contingent consideration payments (145,885) (190,831)
Other financing activities (116,698) (186,123)
Net cash provided by financing activities 1,843,979 148,806
EFFECT OF EXCHANGE RATE CHANGES ON CASH (338,058) 11,336
NET INCREASE (DECREASE) IN CASH 885,352 (4,562,682)
CASH - Beginning of the period 3,476,880 8,039,562
CASH - End of period 4,362,232 3,476,880
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Vehicle financing obtained 26,746 222,214
Contingent consideration resulting from acquisitions 678,367
Dividends declared, not paid 747,147 202,579
Purchase of prepaid insurance through assumption of note 222,634 313,577
Warrants issued 390,479 52,015
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 9,304 52,462
Interest $ 612,285 $ 451,526