Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
OPERATING ACTIVITIES:    
Net loss $ (1,562,137) $ (5,381,667)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,972,565 3,637,131
Amortization of sales commissions 42,943
Deferred rent (49,608) (38,544)
Deferred revenue (40,873) 13,807
Provision for doubtful accounts 261,541 357,671
(Benefit) provision for deferred income taxes (187,072) 165,000
Foreign exchange gain (105,418) (27,145)
Interest accretion 143,030 672,998
Non-cash restructuring charges 17,001
Stock-based compensation expense 1,523,682 333,854
Change in contingent consideration 68,253 151,423
Changes in operating assets and liabilities, net of businesses acquired:    
Accounts receivable 901,683 437,557
Contract asset (464,470)
Inventory (148,858)
Other assets (24,869) 107,532
Accounts payable and other liabilities 2,418,110 (1,754,255)
Net cash provided by (used in) operating activities 4,748,502 (1,307,637)
INVESTING ACTIVITIES:    
Capital expenditures (743,115) (499,988)
Cash paid for acquisition (12,600,000) (205,000)
Net cash used in investing activities (13,343,115) (704,988)
FINANCING ACTIVITIES:    
Proceeds from issuance of common stock, net of placement costs 2,000,000
Proceeds from issuance of preferred stock, net of placement costs 9,354,910 13,484,552
Preferred stock dividends paid (2,771,192) (846,825)
Settlement of tax withholding obligations on stock issued to employees (333,007) (195,912)
Repayments of notes payable (329,426) (7,626,088)
Repayment of Prudential obligation (5,000,000)
Proceeds from line of credit 6,625,000 7,000,000
Repayments of line of credit (6,625,000) (7,000,000)
Contingent consideration payments (111,495) (79,603)
Other financing activities (33,150) (335,239)
Net cash provided by financing activities 5,776,640 1,400,885
EFFECT OF EXCHANGE RATE CHANGES ON CASH (284,685) (75,758)
NET DECREASE IN CASH (3,102,658) (687,498)
CASH - Beginning of the period 4,362,232 3,476,880
CASH - End of period 1,259,574 2,789,382
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Vehicle financing obtained 90,284 30,746
Dividends declared, not paid 1,056,218 638,905
Purchase of prepaid insurance through assumption of note 271,248 298,698
Warrants issued 101,989
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 29,673 9,513
Interest $ 45,083 $ 599,950