Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
OPERATING ACTIVITIES:    
Net loss $ (1,983,586) $ (1,165,910)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,213,510 1,159,515
Deferred rent (9,399) (2,816)
Deferred revenue (14,034) (13,095)
Provision for doubtful accounts 21,941 28,239
Foreign exchange loss (gain) 26,935 (28,689)
Interest accretion on debt 41,753 0
Stock-based compensation expense 489,422 126,849
Change in contingent consideration (44,753) (828,762)
Accrued CastleRock settlement payment 0 (110,000)
Changes in operating assets and liabilities:    
Accounts receivable (237,570) 46,006
Other assets 30,882 (108,219)
Accounts payable and other liabilities 61,272 (400,432)
Net cash used in operating activities (403,627) (1,297,314)
INVESTING ACTIVITIES:    
Capital expenditures (102,646) (83,588)
Cash paid for acquisition (1,250,000) 0
Net cash used in investing activities (1,352,646) (83,588)
FINANCING ACTIVITIES:    
Proceeds from long term debt, net of costs 1,908,141 0
Repayments of notes payable - other (237,777) (254,827)
Proceeds from line of credit 2,000,000 3,435,000
Repayments of line of credit (2,000,000) (1,650,000)
Registration statement costs (20,000) 0
Preferred stock dividends paid (159,236) 0
Purchase of common shares (427,123) 0
Net cash provided by financing activities 1,064,005 1,530,173
EFFECT OF EXCHANGE RATE CHANGES ON CASH 19,808 (11,988)
NET (DECREASE) INCREASE IN CASH (672,460) 137,283
CASH - Beginning of the period 8,039,562 1,048,660
CASH - End of period 7,367,102 1,185,943
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Vehicle financing obtained 91,110 0
Contingent consideration resulting from acquisition 430,000 0
Dividends declared, not paid 159,236 0
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 16,420 9,759
Interest $ 89,495 $ 75,576