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 ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES:    
Net income (loss) $ 75,036 $ (2,707,945)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 590,771 1,519,545
Amortization of sales commissions 12,065
Deferred rent (16,736) (12,556)
Deferred revenue (21,889) (15,105)
Provision for doubtful accounts 78,556 164,745
Provision for deferred income taxes 38,000 54,000
Foreign exchange gain (146,939) (30,646)
Interest accretion 48,712 55,819
Non-cash restructuring charges 17,001
Stock-based compensation expense 127,691 129,347
Change in contingent consideration 31,749 (11,188)
Changes in operating assets and liabilities:    
Accounts receivable 23,948 248,383
Other assets 44,683 86,883
Accounts payable and other liabilities (212,266) (365,732)
Net cash provided by (used in) operating activities 673,381 (867,449)
INVESTING ACTIVITIES:    
Capital expenditures (174,242) (212,117)
Net cash used in investing activities (174,242) (212,117)
FINANCING ACTIVITIES:    
Preferred stock dividends paid (755,016) (202,579)
Settlement of tax withholding obligations on stock issued to employees (213,675)
Repayments of debt obligations (92,561) (764,791)
Contingent consideration payments (47,111) (23,650)
Other financing activities (5,674) (126,217)
Net cash used in financing activities (1,114,037) (1,117,237)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (206,264) (30,227)
NET DECREASE IN CASH (821,162) (2,227,030)
CASH - Beginning of the period 4,362,232 3,476,880
CASH - End of period 3,541,070 1,249,850
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Dividends declared, not paid 767,463 202,579
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 20,153 8,017
Interest $ 9,741 $ 129,549