Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES:    
Net loss $ (3,277,891) $ (2,653,288)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,418,657 2,361,924
Deferred rent (19,065) (5,200)
Deferred revenue 1,770 (17,476)
Provision for doubtful accounts 82,091 68,872
Foreign exchange loss (gain) 55,554 (86,446)
Interest accretion on debt 89,945
Stock-based compensation expense 621,801 324,258
Change in contingent consideration (411,097) (915,815)
CastleRock settlement payment (110,000)
Changes in operating assets and liabilities:    
Accounts receivable (26,265) 301,567
Other assets 110,525 80,942
Accounts payable and other liabilities 28,770 (802,063)
Net cash used in operating activities (325,205) (1,452,725)
INVESTING ACTIVITIES:    
Capital expenditures (192,409) (201,945)
Cash paid for acquisitions (1,425,000) (59,358)
Net cash used in investing activities (1,617,409) (261,303)
FINANCING ACTIVITIES:    
Proceeds from long term debt, net of costs 1,908,141
Repayments of notes payable - other (438,338) (486,180)
Proceeds from line of credit 4,000,000 5,856,810
Repayments of line of credit (4,000,000) (4,071,810)
Registration statement costs (90,145)
Preferred stock dividends paid (318,472)
Purchase of common shares (546,145)
Net cash provided by financing activities 515,041 1,298,820
EFFECT OF EXCHANGE RATE CHANGES ON CASH 6,932 (1,420)
NET DECREASE IN CASH (1,420,641) (416,628)
CASH - Beginning of the period 8,039,562 1,048,660
CASH - End of period 6,618,921 632,032
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Vehicle financing obtained 189,725 35,965
Contingent consideration resulting from acquisitions 420,000
Dividends declared, not paid 159,236
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 16,420 9,759
Interest $ 203,918 $ 109,937