Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
OPERATING ACTIVITIES:    
Net income (loss) $ 270,316 $ (4,401,548)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,150,467 2,972,690
Amortization of sales commissions 26,472
Deferred rent (36,022) (22,013)
Deferred revenue (34,832) 659
Provision for doubtful accounts 112,406 320,616
Provision for deferred income taxes 78,000 110,000
Foreign exchange gain (332,100) (2,835)
Interest accretion 95,604 134,870
Non-cash restructuring charges 17,001
Stock-based compensation expense 537,402 208,035
Change in contingent consideration 42,780 151,423
Changes in operating assets and liabilities:    
Accounts receivable 329,207 530,913
Other assets (91,643) 30,449
Accounts payable and other liabilities (180,452) (739,145)
Net cash provided by (used in) operating activities 1,967,605 (688,885)
INVESTING ACTIVITIES:    
Capital expenditures (376,430) (345,215)
Cash deposit paid for acquisition (1,000,000)
Net cash used in investing activities (1,376,430) (345,215)
FINANCING ACTIVITIES:    
Proceeds from issuance of common stock, net of placement costs 2,000,000
Proceeds from issuance of preferred stock, net of placement costs 9,415,000 6,536,217
Preferred stock dividends paid (1,714,979) (410,827)
Settlement of tax withholding obligations on stock issued to employees (213,675) (195,912)
Repayments of notes payable (139,485) (4,287,506)
Proceeds from line of credit 400,000
Repayments of line of credit (400,000)
Contingent consideration payments (82,725) (33,114)
Other financing activities (60,090) (217,448)
Net cash provided by financing activities 7,204,046 3,391,410
EFFECT OF EXCHANGE RATE CHANGES ON CASH (434,834) (23,704)
NET INCREASE IN CASH 7,360,387 2,333,606
CASH - Beginning of the period 4,362,232 3,476,880
CASH - End of period 11,722,619 5,810,486
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Vehicle financing obtained 75,372 30,746
Dividends declared, not paid 1,056,217 422,206
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 29,673 7,263
Interest $ 20,221 $ 254,414