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 ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES:    
Net loss $ (4,772,596) $ (3,886,613)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,536,940 3,499,185
Deferred rent (28,032) (7,722)
Deferred revenue (32,912) (19,198)
Provision for doubtful accounts 205,289 90,116
Foreign exchange loss (gain) 72,360 (120,423)
Interest accretion on debt 145,038 11,669
Stock-based compensation expense 765,595 496,961
Change in contingent consideration (607,978) (1,283,294)
Acquisition settlements (26,296) (110,000)
Changes in operating assets and liabilities:    
Accounts receivable (160,523) 532,314
Other assets 211,651 103,331
Accounts payable and other liabilities 197,236 (1,205,003)
Net cash used in operating activities (494,228) (1,898,677)
INVESTING ACTIVITIES:    
Capital expenditures (319,870) (327,452)
Cash paid for acquisitions (1,425,000) (120,562)
Net cash used in investing activities (1,744,870) (448,014)
FINANCING ACTIVITIES:    
Contingent consideration payments (153,799)
Proceeds from note payable to majority shareholder 410,000
Repayments of note payable to majority shareholder (880,089)
Proceeds from long term debt, net of costs 1,908,141 3,585,335
Repayments of notes payable - other (554,002) (715,123)
Proceeds from issuance of preferred stock, net of costs 1,270,528
Proceeds from line of credit 6,000,000 8,663,766
Repayments of line of credit (6,000,000) (7,878,766)
Registration statement and bank costs (119,406) (242,182)
Preferred stock dividends paid (506,603)
Purchase of common shares (546,145)
Net cash provided by financing activities 1,298,714 2,942,941
EFFECT OF EXCHANGE RATE CHANGES ON CASH 11,317 (31,668)
NET (DECREASE) INCREASE IN CASH (929,067) 564,582
CASH - Beginning of the period 8,039,562 1,048,660
CASH - End of period 7,110,495 1,613,242
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Vehicle financing obtained 189,725 20,443
Contingent consideration resulting from acquisitions 678,368 1,002,445
Dividends declared, not paid 202,578
Purchase of prepaid insurance through assumption of note 313,577 374,785
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 32,816 9,759
Interest $ 321,530 $ 181,108