Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Loss from continuing operations $ (14,571,859) $ (21,576,541)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities - continuing operations:    
Depreciation and amortization 2,617,775 3,007,664
Deferred tax expense (benefit) (1,393,925) (1,928,522)
Impairment charge 8,047,090 14,611,040
Stock-based compensation expense 799,741 900,363
Provision for bad debt 54,397 36,614
Write-off of security deposit 170,732
Write-off of property and equipment 51,804
Changes in operating assets and liabilities, net of effects of discontinued operations:    
Accounts receivable (36,217) (267,442)
Prepaid expenses and other current assets 123,449 486,913
Incremental direct costs 124,495 277,731
Accounts payable 730,696 (786,841)
Accrued expenses (120,353) 262,105
Deferred revenue (1,529,865) (1,481,584)
Deferred rent (42,341) 3,714
Customer deposits (30,257)
Other liabilities (52,236) 19,162
Net cash used in operating activities - continuing operations (5,056,874) (6,435,624)
Net cash provided by operating activities - discontinued operations 120,911 230,141
Net cash used in operating activities (4,935,963) (6,205,483)
Cash flows from investing activities:    
Costs incurred to develop technology (119,924) (182,564)
Purchases of property and equipment (7,937) (153,628)
Security deposit (4,559)
Net cash used in investing activities - continuing operations (127,861) (363,522)
Net cash provided by (used in) investing activities - discontinued operations 200,000 (2,550)
Net cash provided by (used in) investing activities 72,139 (343,301)
Cash flows from financing activities:    
Proceeds from the sales of common stock 2,921,867 3,063,518
Proceeds from note payable - related party 500,000  
Payment of offering costs (144,000)
Merchant reserve 666,078
Net cash provided by financing activities 3,421,867 3,585,596
Effect of exchange rate fluctuations on cash and cash equivalents (42,523) 33,805
Net decrease in cash and cash equivalents (1,484,481) (2,929,383)
Cash and cash equivalents, beginning of period 2,926,088 5,855,471
Cash and cash equivalents, end of period 1,441,607 2,926,088
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes $ 67,954 $ 1,702