Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES:    
Net loss $ (2,138,480) $ (5,565,156)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 2,913,866 4,299,943
Deferred rent (61,058) (53,263)
Deferred revenue (46,415) 22,380
Provision for doubtful accounts 723,611 409,693
(Benefit) provision for deferred income taxes (207,726) 26,542
Foreign exchange gain (434,806) (248,518)
Interest accretion 191,065 722,070
Non-cash restructuring charges 17,001
Stock-based compensation expense 2,463,599 1,487,295
Change in contingent consideration 73,271 151,423
Changes in operating assets and liabilities, net of businesses acquired:    
Accounts receivable 1,479,297 41,745
Contract asset (404,598)
Inventory (137,159)
Other assets 248,347 511,917
Accounts payable and other liabilities 2,149,660 (1,541,430)
Net cash provided by operating activities 6,812,474 281,642
INVESTING ACTIVITIES:    
Capital expenditures (1,028,249) (697,211)
Cash paid for acquisition (12,600,000) (205,000)
Net cash used in investing activities (13,628,249) (902,211)
FINANCING ACTIVITIES:    
Proceeds from issuance of common stock, net of fees and expenses 1,972,065
Proceeds from issuance of preferred stock, net of fees and expenses 22,817,566 16,535,656
Preferred stock dividends paid (4,102,410) (1,485,727)
Settlement of tax withholding obligations on stock issued to employees (333,007) (195,912)
Repayments of notes payable (464,167) (12,719,520)
Proceeds from line of credit 11,276,862 9,197,863
Repayments of line of credit (11,276,862) (11,197,863)
Contingent consideration payments (150,250) (145,885)
Other financing activities (111,195) (116,698)
Net cash provided by financing activities 17,656,537 1,843,979
EFFECT OF EXCHANGE RATE CHANGES ON CASH (730,511) (338,058)
NET INCREASE IN CASH 10,110,251 885,352
CASH - beginning of the period 4,362,232 3,476,880
CASH - end of the period 14,472,483 4,362,232
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Vehicle financing obtained 90,284 26,746
Dividends declared, not paid 1,468,724 747,147
Purchase of prepaid insurance through assumption of note 271,248 222,634
Value of warrants issued 101,989 390,479
 SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 42,057 9,304
Interest $ 64,669 $ 612,285