Cash Flow

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Loss from continuing operations $ (1,433,612) $ (4,115,705)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities - continuing operations:    
Depreciation and amortization 88,351 138,139
Deferred tax benefit (18,347) (32,033)
Amortization of right-of-use asset 68,540 92,715
Accretion of lease liability 2,312
Stock-based compensation expense 435,914 508,990
Litigation settlement reserve 75,000 1,474,922
Payment of lease obligations (106,859)
Reduction of merchant reserve 380,000
Write-off property and equipment 1,232
Changes in operating assets and liabilities, net of effects of discontinued operations:    
Accounts receivable (379,828) (261,612)
Prepaid expenses and other current assets 103,683 (27,466)
Incremental direct costs 10,845 6,243
Accounts payable (441,603) (517,765)
Accrued expenses (150,649) 288,479
Deferred revenue 102,381 (220,087)
Net cash used in operating activities - continuing operations (1,159,745) (2,768,495)
Net cash provided by operating activities - discontinued operations (33,443) (65,980)
Net cash used in operating activities (1,193,188) (2,834,475)
Cash flows from investing activities:    
Costs incurred to develop technology (28,663) (3,700)
Purchases of property and equipment (37,282) (7,536)
Payments for investment deposits (350,000) (66,341)
Acquisition of equity interest in RemoteMore USA, Inc. (863,333)
Net cash used in investing activities - continuing operations (1,279,278) (77,577)
Net cash used in investing activities - discontinued operations
Net cash provided used in investing activities (1,279,278) (77,577)
Cash flows from financing activities:    
Proceeds from the sale of common stock 4,444,950 4,276,827
Proceeds from short-term loan 651,078
Net cash provided by financing activities - continuing operations 4,444,950 4,927,905
Net cash provided by financing activities 4,444,950 4,927,905
Effect of exchange rate fluctuations on cash and cash equivalents 2,420 35,983
Net increase (decrease) in cash and cash equivalents 1,974,904 2,051,836
Cash, cash equivalents, beginning of period 2,117,569 633,615
Cash and cash equivalents, end of period 4,092,473 2,685,451
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes $ 3,100

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