Cash Flow

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Loss from continuing operations $ (1,144,529) $ (1,824,653)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities- continuing operations:    
Depreciation and amortization 221,422 679,761
Deferred tax expense (benefit) (66,844) (58,907)
Amortization of right-of-use asset 86,304
Accretion of lease liability 3,902
Stock-based compensation expense 8,289 118,398
Provision for bad debt 560
Write-off of property and equipment 581 51,804
Changes in operating assets and liabilities, net of effects of discontinued operations:    
Accounts receivable 436,765 423,490
Prepaid expenses and other current assets (131,010) (90,187)
Incremental direct costs (27,357) 77,493
Accounts payable (266,533) (7,122)
Accrued expenses 76,199 (299,869)
Deferred revenue (211,227) (605,110)
Deferred rent (7,961)
Other liabilities (26,161)
Net cash used in operating activities- continuing operations (1,014,038) (1,568,464)
Net cash provided by (used in) operating activities - discontinued operations 42,156 (196,012)
Net cash used in operating activities (971,882) (1,764,476)
Cash flows from investing activities:    
Costs incurred to develop technology (13,261)
Purchases of property and equipment 3,351
Security deposit (6,691) (1,494)
Net cash (used in) provided by investing activities- continuing operations (3,340) (14,755)
Net cash provided by investing activities - discontinued operations (13,322)
Net cash provided by (used in) investing activities (3,340) (28,077)
Cash flows from financing activities:    
Proceeds from the sales of common stock 372,896 1,486,954
Repayment of note payable - related party (292,882)
Proceeds from line of credit - related party 292,882
Net cash provided by financing activities 372,896 1,486,954
Effect of exchange rate fluctuations on cash and cash equivalents (45,418) 86,906
Net decrease in cash and cash equivalents (647,745) (218,693)
Cash and cash equivalents, beginning of period 1,441,607 2,926,088
Cash and cash equivalents, end of period 793,863 2,707,395
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes $ 6,966 $ 65,689

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