Cash Flow

v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Loss from continuing operations $ (1,887,198) $ (3,665,323)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities- continuing operations:    
Depreciation and amortization 442,963 1,339,022
Deferred tax expense (benefit) (77,444) (374,730)
Amortization of right-of-use asset 172,364
Accretion of lease liability 8,736
Stock-based compensation expense 98,689 465,810
Provision for (recovery of) bad debt (2,025) 3,355
Write off of security deposit 149,292
Write off of accounts payable (375,997)
Write-off of property and equipment 1,385 51,804
Payment of lease obligations (191,079)
Changes in operating assets and liabilities, net of effects of discontinued operations:    
Accounts receivable 386,898 480,018
Prepaid expenses and other current assets (3,918) (221,623)
Incremental direct costs (20,345) 110,945
Accounts payable (250,111) 106,011
Accrued expenses 71,687 (406,731)
Deferred revenue (439,346) (1,195,746)
Deferred rent (15,922)
Other liabilities 971 (52,321)
Net cash used in operating activities - continuing operations (2,063,770) (3,226,139)
Net cash provided by (used in) operating activities - discontinued operations 27,269 (82,418)
Net cash used in operating activities (2,036,501) (3,308,557)
Cash flows from investing activities:    
Costs incurred to develop technology (2,500) (57,814)
Purchases of property and equipment 3,336 (3,567)
Security deposit (23,888) (27)
Net cash (used in) provided by investing activities - continuing operations (23,052) (61,408)
Net cash provided by investing activities - discontinued operations 200,000
Net cash provided by (used in) investing activities (23,052) (138,592)
Cash flows from financing activities:    
Proceeds from the sales of common stock 1,597,815 2,921,868
Proceeds from short-term loan - related party 400,000
Repayment of short-term loan - related party (200,000)
Proceeds from line of credit - related party (292,882)
Repayment of line of credit - related party 292,882
Net cash provided by financing activities 1,797,815 2,921,868
Effect of exchange rate fluctuations on cash and cash equivalents 4,660 (11,159)
Net decrease in cash and cash equivalents (257,277) (259,256)
Cash and cash equivalents, beginning of period 1,441,607 2,926,088
Cash and cash equivalents, end of period 1,184,330 2,666,832
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes $ 8,594 $ 67,954

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