Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
OPERATING ACTIVITIES:    
Net loss $ (3,938,712) $ (268,035)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 1,793,289 675,415
Deferred rent 7,056 21,921
Deferred revenue (25,839) 66,790
Deferred income taxes 153,364 0
Provision for (recovery of) doubtful accounts 62,451 (34,654)
Foreign exchange loss (gain) 58,164 (278,726)
Gain from reduction in referral fee (105,523) 0
Interest accretion on convertible promissory note 77,263 0
Stock-based compensation expense 137,550 0
Other (13,236) (12,258)
Changes in operating assets and liabilities:    
Accounts receivable (2,103,074) (71,309)
Other assets (187,077) 215,537
Accounts payable and other liabilities 2,059,820 302,620
Net cash (used in) provided by operating activities (2,024,504) 617,301
INVESTING ACTIVITIES:    
Capital expenditures (571,217) (165,913)
Advances to related party (2,463) (365,000)
Repayment of advances to related party 2,463 280,209
Acquisitions (11,536,640) (275,000)
Net cash used in investing activities (12,107,857) (525,704)
FINANCING ACTIVITIES:    
Proceeds from IPO of common stock, net of costs in 2014 and 2013 17,167,295 (639,274)
Proceeds from note payable to related party 165,000 1,000,000
Repayments of note payable to related party (430,591) (110,000)
Repayments of notes payable - other (958,400) (589,452)
Proceeds from line of credit 2,685,000 3,162,985
Repayments of line of credit (2,500,000) (2,519,302)
Proceeds from notes payable - convertible note 0 500,000
Net cash provided by financing activities 16,128,304 804,957
EFFECT OF EXCHANGE RATE CHANGES ON CASH (235) (236,814)
NET INCREASE IN CASH 1,995,708 659,740
CASH - Beginning of the period 497,944 268,323
CASH - End of period 2,493,652 928,063
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Acquisition through issuance of promissory note 0 1,225,000
Acquisitions through issuance of common stock 6,610,184 0
Conversion of note to common stock 587,835 0
Financed assets 37,114 6,401
Purchase of insurance through issuance of note 486,858 0
Accrued IPO-related costs 0 15,000
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 5,230 23,339
Interest $ 129,857 $ 100,644