Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
OPERATING ACTIVITIES:    
Net loss $ (4,401,548) $ (3,277,891)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,972,690 2,418,657
Deferred rent (22,013) (19,065)
Deferred revenue 659 1,770
Provision for doubtful accounts 320,616 82,091
Provision for deferred income taxes 110,000 73,000
Foreign exchange (gain) loss (2,835) 55,554
Interest accretion on debt 134,870 89,945
Non-cash restructuring charges 17,001
Stock-based compensation expense 208,035 621,801
Change in contingent consideration 151,423 (411,097)
Changes in operating assets and liabilities:    
Accounts receivable 530,913 (26,265)
Other assets 30,449 110,525
Accounts payable and other liabilities (739,145) (35,730)
Net cash used in operating activities (688,885) (316,705)
INVESTING ACTIVITIES:    
Capital expenditures (345,215) (192,409)
Cash paid for acquisitions (1,425,000)
Net cash used in investing activities (345,215) (1,617,409)
FINANCING ACTIVITIES:    
Contingent consideration payments (33,114)
Settlement of tax withholding obligations on stock issued to employees (195,912) (8,500)
Proceeds from issuance of common stock, net of placement costs 2,000,000
Proceeds from issuance of preferred stock, net of placement costs 6,536,217
Proceeds from long term debt, net of costs 1,908,141
Repayments of debt obligations (4,287,506) (438,338)
Proceeds from line of credit 400,000 4,000,000
Repayments of line of credit (400,000) (4,000,000)
Payment of registration statement and bank costs (217,448) (90,145)
Preferred stock dividends paid (410,827) (318,472)
Purchase of common shares (546,145)
Net cash provided by financing activities 3,391,410 506,541
EFFECT OF EXCHANGE RATE CHANGES ON CASH (23,704) 6,932
NET INCREASE (DECREASE) IN CASH 2,333,606 (1,420,641)
CASH - Beginning of the period 3,476,880 8,039,562
CASH - End of period 5,810,486 6,618,921
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Vehicle financing obtained 30,746 189,725
Contingent consideration resulting from acquisitions 420,000
Dividends declared, not paid 422,206 159,236
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 7,263 16,420
Interest $ 254,414 $ 203,918