Cash Flow

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited)
9 Months Ended
Sep. 30, 2018
USD ($)
Sep. 30, 2018
GBP (£)
Sep. 30, 2017
USD ($)
Sep. 30, 2017
GBP (£)
Cash flows from operating activities:        
Loss from continuing operations $ (10,854,086)   $ (17,156,028)  
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities- continuing operations:        
Depreciation and amortization 1,989,125   2,294,012  
Deferred tax expense (benefit) (374,536)   (1,098,765)  
Goodwill impairment charge 5,250,699   9,920,305  
Stock-based compensation expense 637,062   731,322  
Provision for bad debt 20,000   28,544  
Write-off of security deposit 149,292    
Write-off of property and equipment 51,804    
Changes in operating assets and liabilities, net of effects of discontinued operations:        
Accounts receivable 354,408   38,836  
Prepaid expenses and other current assets 11,033   474,711  
Incremental direct costs 124,134   181,788  
Accounts payable 345,575   (971,728)  
Accrued expenses (332,578)   177,684  
Deferred revenue | £   £ (1,553,245)   £ (1,062,884)
Deferred rent (10,282)   8,591  
Customer deposits | £   £ (32)  
Other liabilities (36,969)   45,322  
Net cash used in operating activities- continuing operations (4,228,596)   (6,388,290)  
Net cash provided by (used in) operating activities - discontinued operations 17,793   (91,173)  
Net cash used in operating activities (4,210,803)   (6,479,463)  
Cash flows from investing activities:        
Costs incurred to develop technology (89,006)   (122,597)  
Purchases of property and equipment (7,206)   (156,704)  
Security deposit   (18,305)  
Net cash (used in) provided by investing activities- continuing operations (96,213)   (297,606)  
Net cash provided by investing activities - discontinued operations 200,000    
Net cash provided by (used in) investing activities 103,787   (297,606)  
Cash flows from financing activities:        
Proceeds from the sales of common stock 2,921,868   3,000,000  
Payment of offering costs   (144,000)  
Merchant reserve   646,078  
Net cash provided by financing activities 2,921,868   3,502,078  
Effect of exchange rate fluctuations on cash and cash equivalents (87,791)   (831)  
Net decrease in cash and cash equivalents (1,272,939)   (3,275,822)  
Cash and cash equivalents, beginning of period 2,926,088   5,855,471  
Cash and cash equivalents, end of period 1,653,149   2,579,649  
Supplemental disclosures of other cash flow information:        
Cash paid for income taxes $ 67,954   $ 1,702  

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