Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2018
OPERATING ACTIVITIES:      
Net loss $ (871,800) $ (2,138,480) $ (2,138,480)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 3,070,497 2,913,866  
Deferred rent (61,058)  
Lease amortization 1,888,443  
Deferred revenue (5,282) (46,415)  
Provision for doubtful accounts 118,429 723,611  
Provision (benefit) for deferred income taxes 80,166 (207,726)  
Foreign exchange loss (gain) 827,121 (434,806)  
Interest accretion 497,598 191,065  
Gain on sale of assets (38,388)  
Stock-based compensation expense 3,215,661 2,463,599  
Change in contingent consideration (343,768) 73,271  
Changes in operating assets and liabilities, net of businesses acquired:      
Accounts receivable 765,079 1,479,297  
Contract asset 362,466 (404,598)  
Inventory (46,651) (137,159)  
Other assets (529,345) 248,347  
Accounts payable and other liabilities (1,372,239) 2,149,660  
Net cash provided by operating activities 7,617,987 6,812,474  
INVESTING ACTIVITIES:      
Capital expenditures and capitalized software, net (2,558,159) (1,028,249)  
Cash paid for acquisitions (1,600,000) (12,600,000)  
Net cash used in investing activities (4,158,159) (13,628,249)  
FINANCING ACTIVITIES:      
Proceeds from issuance of preferred stock, net of fees and expenses 9,586,142 22,817,566  
Preferred stock dividends paid (6,109,087) (4,102,410)  
Settlement of tax withholding obligations on stock issued to employees (1,391,746) (333,007)  
Proceeds from line of credit 11,276,862  
Repayments of line of credit (11,276,862)  
Repayments of notes payable, net (430,444) (464,167)  
Contingent consideration payments (182,664) (150,250)  
Other financing activities (50,000) (111,195)  
Net cash provided by financing activities 1,422,201 17,656,537  
EFFECT OF EXCHANGE RATE CHANGES ON CASH 639,622 (730,511)  
NET INCREASE IN CASH 5,521,651 10,110,251  
CASH - beginning of the period 14,472,483 4,362,232  
CASH - end of the period 19,994,134 14,472,483 $ 14,472,483
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:      
Vehicle financing obtained 24,909 90,284  
Dividends declared, not paid 1,745,791 1,468,724  
Purchase of prepaid insurance through assumption of note 301,359 271,248  
Warrants issued 101,989  
SUPPLEMENTAL INFORMATION - Cash paid during the period for:      
Income taxes 119,265 42,057  
Interest $ 67,273 $ 64,669