Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES:    
Net loss $ (7,294,276) $ (1,066,663)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 3,643,377 1,627,296
Lease amortization 1,337,677 943,028
Deferred revenue 933 (9,719)
Provision for doubtful accounts 284,661 92,061
Benefit for deferred income taxes (100,000) (15,180)
Foreign exchange gain (332,615) (295,487)
Interest accretion 331,120 258,735
Gain on sale of assets (26,213)
Stock-based compensation expense 3,188,008 1,550,188
Change in contingent consideration (64,203)
Changes in operating assets and liabilities, net of businesses acquired:    
Accounts receivable 1,603,580 267,850
Contract asset 343,434 274,129
Inventory 181,558 41,867
Other assets (523,744) 571,468
Accounts payable and other liabilities (5,592,433) (836,228)
Net cash (used in) provided by operating activities (2,928,720) 3,312,929
INVESTING ACTIVITIES:    
Capital expenditures (816,538) (904,220)
Capitalized software (2,621,867)
Cash paid for acquisitions (net) (23,716,250) (1,600,000)
Net cash used in investing activities (27,154,655) (2,504,220)
FINANCING ACTIVITIES:    
Preferred stock dividends paid (4,471,687) (2,961,422)
Settlement of tax withholding obligations on stock issued to employees (1,048,229) (932,465)
Repayments of notes payable, net (185,723) (181,457)
Contingent consideration payments (182,664)
Proceeds from line of credit 19,500,000
Repayment from line of credit (9,750,000)
Net proceeds from issuance of preferred stock 19,014,147
Net cash provided by (used in) financing activities 23,058,508 (4,258,008)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (436,831) (440,158)
NET DECREASE IN CASH (7,461,698) (3,889,457)
CASH - beginning of the period 19,994,134 14,472,483
CASH - end of the period 12,532,436 10,583,026
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Preferred stock issued in connection with CareCloud and Meridian acquisitions 24,000,000
Vehicle financing obtained 28,473 24,909
Dividends declared, not paid 3,193,937 1,486,709
Warrants issued 5,070,000
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 61,552 35,862
Interest $ 110,691 $ 28,085