Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
OPERATING ACTIVITIES:    
Net loss $ (2,653,288) $ (673,073)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 2,361,924 541,121
Deferred rent (5,200) 4,277
Deferred revenue (17,476) (22,563)
Deferred income taxes 0 (320,507)
Provision for doubtful accounts 68,872 34,810
Foreign exchange (gain) loss (86,446) 221,554
Gain from reduction in referral fee 0 (105,523)
Interest accretion on convertible promissory note 0 23,534
Stock-based compensation expense 324,258 62,154
Change in contingent consideration (915,815) 0
Accrued CastleRock settlement payment (110,000) 0
Other 0 1,921
Changes in operating assets and liabilities:    
Accounts receivable 301,567 185,442
Other assets 80,942 (60,233)
Accounts payable and other liabilities (802,063) 208,949
Net cash (used in) provided by operating activities (1,452,725) 101,863
INVESTING ACTIVITIES:    
Capital expenditures (201,945) (102,325)
Acquisition of customer contracts and relationships (59,358) 0
Advances to majority shareholder 0 (2,522)
Repayment of advances to majority shareholder 0 1,000
Net cash used in investing activities (261,303) (103,847)
FINANCING ACTIVITIES:    
Proceeds from note payable to majority shareholder 0 165,000
Repayments of note payable to majority shareholder 0 (115,000)
Repayments of notes payable - other (486,180) (600,246)
Proceeds from line of credit 5,856,810 1,485,000
Repayments of line of credit (4,071,810) (1,285,000)
IPO-related costs 0 (96,542)
Net cash provided by (used in) financing activities 1,298,820 (446,788)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (1,420) (16,651)
NET DECREASE IN CASH (416,628) (465,423)
CASH - Beginning of the period 1,048,660 497,944
CASH - End of period 632,032 32,521
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Vehicle financing obtained 35,965 0
Purchase of prepaid insurance through assumption of note 0 36,640
Accrued IPO-related costs 0 457,298
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 9,759 5,230
Interest $ 109,937 $ 108,094