Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES:    
Net loss $ (2,501,770) $ (295,691)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 1,503,790 773,933
Lease amortization 683,817 393,210
Deferred revenue (88,696) (3,735)
Provision for doubtful accounts 281,096 4,599
Provision (benefit) for deferred income taxes 15,000 (55,532)
Foreign exchange (gain) loss (423,710) 243,133
Interest accretion 167,064 120,051
Gain on sale of assets 2,293 (26,213)
Stock-based compensation expense 1,307,304 757,525
Change in contingent consideration   (64,203)
Changes in operating assets and liabilities, net of businesses acquired:    
Accounts receivable (302,448) (480,992)
Contract asset 38,319 252,317
Inventory 4,974 80,218
Other assets (109,720) 3,634
Accounts payable and other liabilities (4,460,727) (764,745)
Net cash (used in) provided by operating activities (3,883,414) 937,509
INVESTING ACTIVITIES:    
Capital expenditures - fixed assets (539,204) (510,938)
Capitalized software (1,641,466) 0
Cash paid for acquisition (net) (11,852,526) 0
Net cash used in investing activities (14,033,196) (510,938)
FINANCING ACTIVITIES:    
Preferred stock dividends paid (1,981,402) (1,474,715)
Settlement of tax withholding obligations on stock issued to employees (819,761) (872,083)
Repayments of notes payable, net (139,251) (84,629)
Contingent consideration payments 0 (154,844)
Proceeds from line of credit 9,750,000 0
Net cash provided by (used in) financing activities 6,809,586 (2,586,271)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (491,789) 213,864
NET DECREASE IN CASH (11,598,813) (1,945,836)
CASH - beginning of the period 19,994,134 14,472,483
CASH - end of the period 8,395,321 12,526,647
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Preferred stock issued in connection with CareCloud acquisition 19,000,000 0
Vehicle financing obtained 0 24,909
Dividends declared, not paid 2,407,305 1,486,709
Warrants issued 300,000 0
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 6,147 34,689
Interest $ 41,234 $ 17,049