Cash Flow

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (15,176,525) $ (2,245,907)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,636,613 1,678,242
Deferred tax (990,347) (594,393)
Gain on lease cancellation (423,998)
Goodwill impairment charge 9,920,305
Stock-based compensation expense 585,262 99,830
Provision for bad debt 154,875
Amortization of prepaid license fees 112,500
Amortization of customer deposits (112,500)
Changes in operating assets and liabilities:    
Accounts receivable (114,697) 737,670
Prepaid expenses and other current assets 244,894 105,840
Incremental direct costs 90,243 304,169
Accounts payable (653,690) (163,944)
Accrued expenses 282,640 587,400
Deferred revenue (635,980) (2,384,908)
Deferred rent (5,400) 7,585
Customer deposits 182,883  
Other liabilities (28,416) 59,306
Net cash used in operating activities (4,507,340) (2,233,108)
Cash flows from investing activities:    
Proceeds from maturities of short-term investments 500,000
Costs incurred to develop technology (70,282)
Purchases of property and equipment (53,838)
Security deposit 7,301 6,716
Net cash (used in) provided by investing activities (116,819) 506,716
Cash flows from financing activities:    
Proceeds from the sale of common stock 3,000,000
Payment of offering costs (144,000)
Proceeds from line of credit 1,572,576
Payment of deferred financing costs (458,555)
Merchant reserve 646,078 (166,078)
Net cash provided by financing activities 3,502,078 947,943
Effect of exchange rate fluctuations on cash and cash equivalents 4,957
Net decrease in cash and cash equivalents (1,117,124) (778,449)
Cash and cash equivalents, beginning of period 6,068,973 2,070,693
Cash and cash equivalents, end of period 4,951,849 1,292,244
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes 1,487 4,605
Issuance of warrants in connection with Master Credit Facility $ 783,458

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