Cash Flow

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Loss from continuing operations $ (1,345,227) $ (3,203,482)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities - continuing operations:    
Depreciation and amortization 51,818 99,849
Deferred tax benefit (17,043) (18,421)
Amortization of right-of-use asset 45,693 78,925
Accretion of lease liability 2,217
Stock-based compensation expense 309,328 397,599
Litigation settlement reserve 75,000 708,422
Payment of lease obligations (91,284)
Reduction of merchant reserve 380,000
Changes in operating assets and liabilities, net of effects of discontinued operations:    
Accounts receivable (73,344) 267,638
Prepaid expenses and other current assets (27,341) (124,877)
Incremental direct costs (2,890) 16,382
Accounts payable (352,236) 60,839
Accrued expenses (29,086) 271,198
Deferred revenue 322,255 (377,876)
Net cash used in operating activities - continuing operations (663,073) (1,912,871)
Net cash provided by operating activities - discontinued operations (318) 44,178
Net cash used in operating activities (663,391) (1,868,693)
Cash flows from investing activities:    
Costs incurred to develop technology (3,701)
Purchases of property and equipment (20,357) (3,695)
Payments for investment deposits (60,000)
Net cash used in investing activities - continuing operations (80,357) (7,396)
Net cash used in investing activities - discontinued operations
Net cash provided used in investing activities (80,357) (7,396)
Cash flows from financing activities:    
Proceeds from the sale of common stock 1,166,500 1,500,000
Proceeds from short-term loan 651,078
Net cash provided by financing activities - continuing operations 1,166,500 2,151,078
Net cash provided by financing activities 1,166,500 2,151,078
Effect of exchange rate fluctuations on cash and cash equivalents (32,556) (49,729)
Net increase (decrease) in cash and cash equivalents 390,016 225,260
Cash, cash equivalents, beginning of period 2,117,569 633,615
Cash and cash equivalents, end of period 2,507,585 858,875
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes

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